The cryptocurrency continues the downwards trend after failing to break the resistance at $0.47, the price trades below the short and long-term moving average, which strengthens the sell signals. We have not seen much action on this asset for the last 12 sessions.
The Bollinger bands are closing aggressively indicating that a consolidation phase can be expected for the short to medium term. The pair trades closer to the lower band, suggesting that the price is relatively low; this could incentivize investors to enter the market at a low price, although some believe that in the short term it could lose some more ground.
The relative strength index id at 27% which is oversold, the market has not reacted much yet but this could change in the next few sessions. Our parabolic SAR indicator suggests that the price is likely to continue moving downwards in the short term.
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