The cryptocurrency failed to break the resistance at $120.208 last week and retraced to its lowest level since January 23rd, the price could find a support level below the lower Bollinger band at $84.5 but is struggling to maintain gains from the previous trading session.
The Bollinger bands are opening up which will likely increase the volatility in the short term, the pair currently trades below the lower band, suggesting that the price is relatively low, we could see a slight recovery in the upcoming sessions unless the lower band continues moving downwards.
The relative strength index is at 37% which would allow the price to continue the downtrend in the short term before a recovery begins in case the support level is not strong enough, in which case we would expect a recovery once the RSI gets closer to the oversold status In the medium term.
The short and long-term moving averages are about to cross, indicating an uptrend, however, this is attributed to the upwards movements from early and mid-February.
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