The cryptocurrency has been falling since November 10th, the price broke three support levels on our Fibonacci Retracements, had a recovery of almost 8% just to fall again shortly after, now its testing the support at 0.96338, the support should be strong enough to hold the drop, but we would have to wait until it's confirmed.
The Bollinger bands are wide and moving down, this is often an indicator of a downtrend, but the price is recovering from a big loss, it is no longer trading below the lower band, although the price is still considered relatively low.
The relative strength index is at 38% which will give the pair enough room to gain some ground, but also it has a little bit of room to fall to the 0.89 levels. The most important technical element right now is the support level at the 50% Retracement, if it proves to be storing and holds the pair this could be the beginning of a rally.
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