The cryptocurrency is on a downtrend since Jan 10th, since then, it has lost more than 16%. The price was unable to complete the resistance breakout and then it sank to the $128 levels. Our parabolic SAR indicator suggests that the price will go up, but most of the indicators suggest a downward trend.
The Bollinger bands are narrow but they are starting to open up almost symmetrically, the pair trades closer to the lower band, if it goes below the $123 levels we could see the price bounce as it will be considered relatively low.
The relative strength index is at 40% which would allow the pair to continue falling for a bit before it finds a support level. If the RSI enters an oversold status, we will likely see the price go back to the $140 levels in the mid-term.
The short and long-term moving averages are very close together and there might be a crossing very soon, strengthening the short signals.
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