The cryptocurrency is on a three-day losing streak and lost 7.8% during that time, the pair broke the support level from the Fibonacci retracement of 23.6% at $109.375. The short and long-term moving averages crossed four sessions ago and the price trades below those lines, indicating that the downwards trend could continue in the upcoming trading sessions.
The Bollinger bands are wide enough to expect high volatility in the short to mid-term, the next support level is currently at $101.74, if the price manages to break it then the lower band would become the next support level at $99.59. As the pair gets closer to the lower band, investors might start reacting and buying the asset at a low price, we would expect the price to drop some more before it can recover some ground.
The relative strength index is at 40% which will allow the pair to fall a bit more before entering the oversold status at 30%. Our parabolic SAR indicator suggests that the price will move upwards; however, this is a lagging indicator that requires confirmation from other technical indicators.
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