The cryptocurrency continued its downtrend after it broke the 0.75527 support level just five trading sessions ago. The pair attempted to recover after the relative strength index entered an oversold status. It had two good trading sessions where it made more than 16%; however, the price resumed its downward trend, and the RSI is falling again, currently at 34%.
The Bollinger bands are opening up and pointing down, which signals that the downtrend is expected to continue, but the RSI might re-enter an oversold status in the short term, and that will likely bring the price up in the short term.
The pair trades close to the lower Bollinger Band, indicating that the price is considered relatively low; this could start driving the price up even before the RSI goes below 30%.
Our parabolic SAR indicator suggests that the downtrend will continue; the next support level is at $0.42397
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