The cryptocurrency is moving within a 13.5% range between $138 and $122 and is unable to break the support or the resistance for the last nine trading sessions, the pair trades above the short and long term moving averages, which crossed on March 22nd, the pair started an uptrend then but has been consolidating in the last few days.
The Bollinger bands are wide and they continue to open, the upper band is expanding more aggressively which indicates that the price is likely to resume the uptrend in the short to mid-term, the pair trades below the upper band, which will give it enough space to complete a breakout in the upcoming sessions.
The relative strength index is at 65%, which is close to the overbought status, this consolidation phase will allow the price to gather strength to continue the upwards trend in the upcoming sessions. Our parabolic SAR indicator suggests that the price will move up in the next few sessions.
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