The cryptocurrency moved laterally for the last ten trading sessions, the price was able to break a resistance at the 61.8% Fibonacci retracement but has not yet closed the day above the 0.85680 price level, based on our technical analysis we expect the breakout to be completed soon but we don't expect the price to begin a big rally in the short term.
The Bollinger bands continue closing up which will bring lower volatility to the pair, the price trades in between the bands, suggesting that the price is at a fair price, which will incentivize traders to place long trades. The price could reach $0.9 levels if the breakout is completed.
The relative strength index is climbing and it's currently at 46%, a very good level for buyers, as it's recovering from entering an oversold status, now we just need the bands to open up to have higher volatility.
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