The cryptocurrency is showing recovery signs, but it has not been able to complete the resistance breakout at $1.06267 on our 38.2% Fibonacci retracement.
The Bollinger bands are closing up, indicating consolidation. We could see the price on this level for a few sessions; the markets are uncertain as the asset is trading inside the Ichimoku cloud, the price has been moving sideways for the last three trading sessions.
The relative strength index is currently at 54%, which is a good level as it will allow the price to move in either direction once the consolidation period is over.
Our parabolic SAR indicator suggests that the price will continue to move upwards, while the short and long-term moving averages indicate a downward trend as they crossed 16 sessions ago.
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