The cryptocurrency is moving sideways since the beginning of June, the pair has not been able to break the support at $55.73 nor the resistance at $62.11 for the last eight trading sessions. The pair trades below the short and long-term moving average, suggesting that the downward trend is likely to continue after the consolidation period is over, but we will have to wait and see in which direction the breakout happens.
The Bollinger bands are narrow and steady for the last ten trading sessions, indicating that the consolidation period is likely to continue for the short term, if the bands start to open aggressively at the edge, we will expect a potential breakout. Currently, the pair trades in between the bands, suggesting that the price is relatively fair.
The relative strength index is at 37% which will allow the pair to move in either direction, with a bit more inclination towards an uptrend as it is close to reaching an oversold status, if the price breakout downwards, the drop could be limited by the lower band and the low RSI.
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