The cryptocurrency broke the previous support level at 96.335 which was the lowest level reached since January 2021, the price managed to close the previous sessions with a less severe loss and is now recovering some ground.
The Bollinger bands are opening up, which indicates that volatility would be higher in the upcoming trading sessions, the pair is bouncing after trading below the lower band and is currently 3.69% up in the session.
The short and long-term moving averages crossed indicating an uptrend; attributed to the previous rally from early February; however the price trades below both MAs. Now as the pair found a new support level and it is likely to bounce towards the resistance at $139.753 if the future conditions allow it.
The relative strength index is currently at 41% which will enable the price to continue climbing in the short to mid-term The RSI did not reach the oversold status before it recovered the lost ground from the previous session.
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