The cryptocurrency has not been able to complete the breakout on the 23.6% Fibonacci retracement at $0.77349 and continues moving laterally. The price trades below the short and long-term moving averages, indicating a downwards trend, the pair is down 6.8% in the last five trading sessions.
The Bollinger bands are slightly closing, and they are pointing down which strengthens the short signal, but the pair could continue to move sideways for the short term, if the price goes below 0.71, we would expect a rebound as it will be trading closer to the lower band and the price will be considered relatively low.
The relative strength index is at 36% which is close to an oversold status, if the price continues to fall in the short term it is likely that it falls to 30% in which case we would also expect a price rebound.
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