The cryptocurrency is on a two-day winning streak, with today’s session being the most profitable, a 6.57% gain and a 1.37% the previous day, the price is getting closer to the short-term moving average which will be a sign of a potential trend reversal.
The Bollinger bands are narrow but they are starting to open up a bit, currently the pair trades in between the bands, the price will have some room to continue rising for the short term before it gets close to the upper band.
The relative strength index is at 44%, which will allow the pair to move up freely for some time, once it gets closer to the overbought status we would expect a price correction, we estimate that the pair could reach the 142 levels in the next few days before facing the strong resistance at 151 on our 23.6% Fibonacci retracement.
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