The cryptocurrency powered by Ripple technology continues to move laterally; it has been moving up and down on the resistance at 1.06996 in our 38.2% Fibonacci retracement. The price has entered a consolidation period and could break out in the short term.
The Bollinger bands have been steady for the last ten trading sessions; the price trades closer to the upper band, which continues unmoved; this suggests that the price is close to being considered relatively high but not quite yet.
The price trades inside the Ichimoku cloud, which suggests that the market is uncertain, causing the price to move sideways as buyers and sellers fight to pull the price in their favorable direction. Until one of them gives up, we will have a breakout or a breakdown depending on the direction of the price movement.
The relative strength index is at 54%, and it has stayed like this for the last eight trading days. Our parabolic SAR indicator suggests that the price will continue to up, but we can’t only rely on this technical indicator.
At this point, the price could move in either direction. The general trend continues to be downward as the short and long-term moving averages are moving in that direction, and the gap between the lines is considerable.
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