The cryptocurrency is on a downwards trend since November 2021, the pair looked promising in recent weeks but failed to get closer to resistance at $139, now Liteocin resumed the downtrend, and the pair could reach the support level at $98 and bounce above 105 in the upcoming sessions.
The Bollinger bands are opening up aggressively, particularly the lower band, which is now above the current price, suggesting that it is relatively low which could incentivize investors to go long at a very good price; however, once the price recovers some ground it will re-enter the Ichimoku cloud which often suggests market uncertainty.
The relative strength index is at 33% which will allow the price to drop just a bit more before entering an oversold status. If the RSI goes below 30% we would likely see the price bounce back to the 105 levels in the short term. Our parabolic SAR indicator suggests that the price will continue moving downwards.
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