The cryptocurrency has been performing well since the end of September, it has found a few pullbacks along the way, but it maintains its upwards trend. The price might have been moving up a bit too fast, and we are seeing a temporary retracement.
The Bollinger bands are narrow, and the price was trading above the upper band, suggesting that it was relatively high. We are not surprised to see a retracement as it is needed for the mid-term uptrend to continue.
The relative strength index is currently at 56%; the RSI did not reach an overbought status, which is a bit surprising as the price started to climb aggressively in the previous sessions. We want to wait and see if the price will find support at the 185.95 level on the 38.2% Fibonacci retracement.
The uptrend is expected to continue after the retracement.
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