The cryptocurrency has been on an uptrend for the last seven sessions. The price managed to break two resistance levels at the 38.2% and the 23.6% Fibonacci retracements.
The Bollinger bands are not very wide, but they are opening up at the edge, indicating that the trend could continue; however, the price is trading above the upper band, suggesting that it is relatively high, which could push traders with long positions to close, driving the price down.
The relative strength index is currently at 62%, which still has some room to grow before entering an overbought status. The mixed signals between the Bollinger Bands and the RSI could confuse investors; we believe the price could continue rising in the short term and even enter an overbought status before we see a price retracement.
Our parabolic SAR indicator suggests that the price will continue its upward trend, while the moving averages support this.
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