The cryptocurrency had an extraordinary session yesterday, making 11.75% in one day, something we had not seen since May 2021. The pair managed to break two resistance levels in the same day and should continue climbing for the short to mid-term.
The Bollinger bands are wide but are starting to close which could affect volatility a little bit, the price trades inside the Ichimoku cloud, which is often interpreted as market uncertainty, current market price trades between the bands, suggesting that it is at a fair level, the next resistance level is close to the upper band at $3,157.5 on our 50% Fibonacci retracement.
The relative strength index is seedy at 54% which will allow the pair to continue climbing in the upcoming trading sessions, once the price gets closer to the resistance level we would want to check the RSI again to see if the pair has enough strength to complete the breakout.
The short and long-term moving averages crossed two weeks ago and they are still indicating that an uptrend can be expected to continue, price trades above both MAs. Our parabolic SAR indicator suggests that the uptrend would continue.
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