The cryptocurrency continues the general downtrend and has reached its lowest level since March 2020. The gap between the short and long-term moving averages continues expanding, strengthening the short signals.
The Bollinger bands are wide and continue moving down, signaling that the downtrend is likely to continue. The pair is closer to the lower band, suggesting that the price is relatively low, we could see some gains in the short term as the lower band acts as support, but as it continues expanding the support is lower and lower.
The relative strength index is at 28% which is oversold, the pair's RSI has been below 30% for eight trading sessions now and it's hard to predict when the price might find some breathing room. Theoretically, the pair should bounce in the upcoming sessions.
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