The cryptocurrency lost more than 20% in the last ten trading sessions, reaching its lowest level since early February. The short and long-term moving average crossed on April 15th and the gap between those lines continues expanding. The price trades below both MA’s.
The Bollinger bands are opening up aggressively, particularly the lower band, which could act as a strong support level in the upcoming sessions, the gap between the bands will bring higher volatility in the short term.
In the last 14 session the pair broke four support levels from our 38.2%, 50%, 61.8% and 78.6% Fibonacci retracements at $0.77561, $0.73247, $0.68934 and $0.62792 respectively. The relative strength index is at 24% which is beyond the oversold status, investors might see this as an opportunity to enter the market at a low price, which could boost the price in the upcoming days.
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