The cryptocurrency continues its downtrend with some failed signs of a recovery.
The Bollinger bands are narrow, and volatility should be low in the upcoming trading sessions. The price trades slightly above the lower band, which could boost the price up slightly as some investors might consider the price relatively low.
The relative strength index is at 39%. It has remained almost unchanged for the last nine trading sessions as the price continues to move sideways, current price trades below short and long-term moving averages, which is an indication of a downtrend. The gap between the moving averages is narrowing down as the price has been able to close some sessions with small gains, which compound the average calculation.
Our parabolic SAR indicator suggests that the price will start an uptrend; however, it has been signaling this for the last 12 sessions, and the price continues falling. We do not expect the price to reach its support level of $0.51191 anytime soon as the RSI is low, and it will likely not allow the pair to reach this level.
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