The cryptocurrency lost more than 6.7% in 5 out of the last 6 trading sessions, the pair managed to break the support level on our 38.2% Fibonacci retracement at $0.76894 and is getting very close to the next support at $0.73542 on the 23.6% retracement. The short and long-term moving averages crossed in mid-April, suggesting that the downtrend would continue, which has been the case so far.
The Bollinger bands are wide and volatility should continue to be high in the upcoming trading sessions, the upper band is contracting, strengthening the short signals. The pair trades in between the bands, suggesting that the price is at a relatively fair level.
The relative strength index is at 45% which will allow the pair to continue losing ground in the short term, once it gets closer to or below 30% we would expect the price to gain some ground, but there is still room to capitalize on the crypto recent loss as we expect it to continue.
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