The cryptocurrency has been moving within a 16% range since February 25th, the price found strong support at $0.70417 and resistance at $0.80252, the price is currently staying close to the 50% Fibonacci retracement, which is likely to dictate an upcoming trend upon a breakout.
The Bollinger bands are closing up as the price continues consolidating around the $0.735 price level, this is likely to bring lower volatility in the upcoming days, but it also means that a breakout is closer, we have yet to see which direction is more likely to go by checking other technical indicators in the upcoming sessions.
The relative strength index is at 47% which would allow the price to move in either direction in the event of a breakout, the pair lost 4.05% in the last two trading sessions, if the price finds new support at the 50% Fibonacci retracement we would expect an uptrend and in case the support is broken we would expect the price to continue falling until it finds a stronger support level and possibly a breakout on the $0.70417 price level.
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