The cryptocurrency managed to gain 17.06% in four trading sessions, breaking two resistance levels at $56.61 and $59.67 from our 38.2% and 23.6% retracements respectively. The pair then found resistance and retraced almost 5%, we believe it could find support at $59.6 before it makes another breakout attempt.
The Bollinger bands are narrow which will not allow the pair to go much higher unless the bands expand upwards, there is a chance that the pair will enter a consolidation period given how the bands are forming.
The relative strength index is at 39% which would allow the cryptocurrency to rally in the short term in the event of a surge in the price. Our parabolic SAR indicator suggests that the pair is likely to continue moving upwards in the upcoming sessions.
Price currently traded above the short and long-term moving average, strengthening the buy signals, the lines crossed in mid-May indicating an upwards trend.
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