Since early April, the cryptocurrency has been on a downtrend where the pair has lost more than 58% in 36 trading days. The previous support levels were broken easily, and the pair sank to $53.5 in today's session.
The Bollinger bands are very wide, and volatility is very likely to continue to be very high, just today the pair is down more than 25%. The pair trades way below the lower band, which could not act as a support level since the momentum of the downtrend is too strong. We might see the pair make a comeback in the short term, but the immediate future is uncertain.
The relative strength index is at 22%, which is way below the oversold status line, we might see the pair stay oversold for a few sessions and the downtrend continue in the short term. Our parabolic SAR suggests that the price will continue falling in the upcoming trading sessions.
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