The cryptocurrency has been on an uptrend since July 19th; the price found a few minor retracements along the way but continues to move consistently upwards.
The Bollinger bands are widening, indicating that there could be higher volatility in the markets. The price trades close to the upper band, suggesting that the price is relatively high, which could potentially scare traders from placing long positions in the short term as there is potential for a temporary retracement.
The relative strength index is entering an overbought status, currently at 69.6%. We have seen the RSI stay overbought for a few sessions in the past, but there is no doubt that we will see a retracement in the short term.
The support level at $190.39 appears to be strong; once the retracement begins, we do not anticipate the price breaking the support as it will only allow the pair to gather strength to continue its uptrend and break the resistance at $245.86
The short and long-term moving averages continue moving up, and the spread between the lines is increasing, indicating that the general uptrend is now upwards; however, we can't confirm this until the 50% retracement is broken, and it could take some time for the crypto to reach those levels.
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