The cryptocurrency is moving sideways as the markets have not yet decided which side is strongest; for the last six trading sessions. The pair has been bouncing on the resistance at 176.974 without completing the 23.6% Fibonacci retracement breakout.
The Bollinger bands are wide enough to expect bigger movements; they are opening up at the edge and starting to move upwards, which could help the price increase in the short term. The pair is trading closer to the upper band but not close enough to consider the price high; with the upcoming opening of the bands, we could see an end to the consolidation period.
The relative strength index is currently at 54%, which will allow the price to move in either direction. At this point, it's more likely for the pair to complete the breakout than to have a retracement based on other technical indicators.
Our parabolic SAR indicator suggests that the price will move upwards in the short term; the trend in the last 14 days has been upwards.
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