The cryptocurrency continues its downtrend and for the first time in almost six months, it falls below $126. The price could reverse the trend in the mid-term as our technical indicators suggest that the price should not fall much more before a correction.
The Bollinger bands are opening up almost symmetrically which doesn't really indicate a trend; however, the pair trades closer to the lower band and the price is considered relatively low. Investors might react to this and start buying the asset, but we cannot tell for sure how much further down the price could move before it bounces.
The relative strength index is at 28% it entered the oversold status and now it is up to traders to bring it out of that area. This RSI level will allow the pair to have an upwards trend in the short term if the bleeding can be stopped.
The short and long-term moving averages have not crossed, but they are closer to each other, the price needs some breathing room asap or the downtrend could continue in the short term.
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