The cryptocurrency continues on a downward trend since mid-April. The pair has lost more than 23% since but could bounce back after finding support at $0.56673. The short and long-term moving averages are still above the price line strengthening the short signals.
The Bollinger bands are wide, which will allow the pair to move upwards freely in the event of a rally; the pair trades closer to the lower band, suggesting that the price is relatively low; traders night see this as an opportunity and place long positions.
The relative strength index is at 33% which is very close to the oversold status, strengthening the possibility of an uptrend in the short term. Our parabolic SAR indicator suggests that the price is likely to start a recovery in the short term.
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