The cryptocurrency is on a four-day winning streak and has made more than 19% in the last nine trading sessions, The short and long-term moving averages crossed during the weekend, indicating that the uptrend would continue in the short to medium term.
The Bollinger bands are wide and the upper band is expanding more aggressively, which strengthens the uptrend signals; however, the pair trades very close to that band, which suggests that the price is relatively high, investors might see this as an opportunity to cash their profits before a retracement, which could cause a pullback in the crypto asset.
The relative strength index at 72% which is already overbought, another reason why investors might close their long positions which would make the pair retrace a bit before continuing the uptrend. Our parabolic SAR indicator suggests that the price will continue to rise in the short term.
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