The cryptocurrency sank to the $0.54969 level a few sessions ago and is struggling to stay above, the pair is moving sideways as the markets are undecided, there has been high volatility but the closing prices remain somehow consistent.
The Bollinger bands are wide and moving downwards, which indicates high volatility and a possible downwards trend continuation. The pair trades closer to the lower band, suggesting that the price is relatively low, which could push some investors to place long trades.
The relative strength index is at 25% which is oversold, another reason why investors might be interested in this asset, if the support proofs to be strong enough then we might be able to see a price rally but it's too soon to tell. The general trend continues to be downwards, and until this changes, we would not place a long position.
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