The crypto started to gain ground in the last two trading sessions after losing more than 14% on the three sessions before the recovery. The pair will find a strong resistance level at $1.23284 as the previous breakout attempt failed.
The Bollinger bands are very wide and moving upward, indicating that the crypto could now be on a general uptrend. If the price can break the 50% Fibonacci retracement at $1.23284, we would confirm the trend reversal; however, the price trades very close to the upper band, suggesting that the price is relatively high start driving the price down in the short term.
The relative strength index is slightly over70% which makes it overbought; this is another reason to believe that the price will have a hard time breaking the resistance in the short term without a retracement.
A retracement will allow the price to gather more strength and attempt another breakout; hopefully, it will be consolidated this time.
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