The cryptocurrency broke a three-day losing streak after finding support on the 38.2% Fibonacci retracement. The pair currently trades below the short and long-term moving average, suggesting that the price could continue the downward trend; however, the support seems to be strong enough to hold a further loss.
The Bollinger bands are opening up at the edge, which often suggests a trend change, in this case, the current trend is downwards, so we would expect the price to start recovering some ground in the upcoming sessions. The pair trades just above the lower band, suggesting that the price is relatively low, which could push investors to open long positions and continue the uptrend.
The relative strength index is at 43% which will allow the pair to move in either direction for the short term, but we are seeing more Buy signals from other technical indicators, we would have to wait and see if the 38.2% retracement can hold a future loss. Our parabolic SAR indicator suggests that the price will move downwards.
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