The recent 8.784% price increase shows a strong bullish momentum in a prevailing uptrend.
With 24h highs reaching 1.068 and lows at 0.977, price action is testing key resistance levels.
Bollinger Bands indicate higher volatility, suggesting traders should be cautious of potential price swings.
The support level at 0.996 offers a safety net, while resistance at 1.068 could pose challenges for upward movement.
Bitcoin's influence remains undefined, which may add uncertainty to market patterns.
Given the heightened volatility, a short-term trading strategy could be beneficial.
Key takeaway: Monitor macroeconomic developments closely, as they could significantly impact sentiment and price action in this volatile environment.
