The cryptocurrency has been in a short-term downtrend since September 6th, when it lost almost 20% in one trading session. It managed to break the support level at our 23.6% Fibonacci retracement but only temporarily as it bounced back to the 178 levels. The price had an important spike in recent hours that took the price to the 236 levels, but that only lasted less than two hours. The pair is finding a solid support level at the 176 price line.
The Bollinger bands are open and very steady, indicating price consolidation after the hectic hours where volatility went crazy. The price trades in between the bands signifying an acceptable price level.
The short and long-term moving averages continue indicating an uptrend; however, the gap between the lines is lower. If the price can break down the support, there could be a crossing and a possible trend reversal.
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