The cryptocurrency continues the downward trend and fell to $38.51 earlier in the session, the pair has lost more than 40% in June alone, the price could find support at the new low and potentially recover some ground in the upcoming sessions but we would not expect it to be very significant.
The Bollinger bands are wide open and we could see higher volatility in the upcoming trading sessions. The breakout from June 10th puts an end to the consolidation period, the pair trades below the lower band, suggesting that the price is relatively low. We could see a small recovery in the upcoming days.
The relative strength index is at 28% which is oversold, but we can see it coming back up after spending three sessions in that status. Our parabolic SAR indicator suggests that the price is likely to continue moving downwards in the short term.
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