The daily chart indicators reflect the somewhat conflicted picture of the current technical landscape. Despite the Relative Strength Index (RSI) sitting in positive territory, its negative slope signals a weakening of bullish momentum, hinting at potential downside risks. Simultaneously, the green bars in the Moving Average Convergence Divergence (MACD) histogram are decreasing, indicating a slowdown in buying pressure and a potential shift in sentiment.
Furthermore, although the pair is trading above the 20 and 200-day Simple Moving Averages (SMAs), which suggests a traditionally bullish stance, the struggle of the bulls to effectively consolidate above the 100-day average puts the strength of the uptrend in doubt.
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