The cryptocurrency that uses Ripple technology started a downtrend on September 7th and has dived since; it lost more than 33% in less than 13 trading sessions, recovered some ground shortly after, but cannot reverse the downtrend.
The asset found support at the 0.85129 level, which is at the 23.6% Fibonacci retracement. The short and long-term moving averages made a cross in recent days. It also broke the 50% retracement support, which often signifies a trend change; the bleeding has not stopped since.
The Bollinger bands are slightly opening, which will likely bring higher volatility to the pair; the support level will be tested again in the short term, which will be a crucial point for the crypto’s short-term future.
The relative strength index is at 39%, which will allow the price to continue falling until it reaches an oversold status at 30%.
The price trades inside the Ichimoku cloud, signaling market uncertainty.
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