The cryptocurrency continues its downtrend, the price managed to break the support level at $0.8105 on our 23.6% Fibonacci retracement and it could fall a bit more before finding a new strong support level.
The Bollinger bands are opening but they are starting to point downwards which is often an indicator of a downtrend continuity; however the pair trades closer to the lower band, suggesting that it is relatively low, this could incentivize investors to open trades at a low price.
The relative strength index is at 32% which will allow the price to fall just a bit more before a potential rally, once it hits 30% the markets could react and boost the price up a few points in the short term.
Our parabolic SAR indicator suggests that the price will continue falling, we would have to wait and see if the lower band and the RSI level can stop it from going further down.
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