The cryptocurrency is finding the light at the end of the tunnel as it broke the seven-day losing streak where it lost more than 13%. For now, the price managed to avoid reaching its lowest level in more than two years which is $91.67. The pair found strong support at $96.411
The Bollinger bands are narrow and volatility should not be extreme in the upcoming sessions, the pair traded below the lower band, which is one of the reasons we see a slight recovery, investors entering the market at a low price boost the price.
The relative strength index is at 40% which will allow the pair to recover some ground if the market decides that it's undervalued. Our parabolic SAR indicator suggests that the price will continue to lose more ground in the short term. The short and long-term moving averages crossed 10 days ago and the gap between those lines continues expanding, which strengthens the short signals.
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