Top-5 Crypto Performers: ATOM, EOS, ETH, DASH, TRX

The recovery might face some resistance at this level but once it is crossed, a move to $4.4389 and above it to $5.7961 is possible.

The moving averages are on the verge of a bullish crossover, which indicates a likely change in trend.

Above the channel, the pair is likely to face stiff resistance at both moving averages and above it at $4.8719.

Once the price ascends $4.8719, it will signal the start of a new uptrend that can result in a move back to $8.6503.

If the price breaks out of the moving averages, it is likely to turn positive and rally to $162 and above it to $188.5598.

If the pair turns down either from $95.4264 or from the moving averages and plummets below the recent lows of $77.9187, it might complete a 100% retracement of the entire rally and decline to $58.49.

The gradually down-sloping moving averages and RSI in the negative territory suggests a bearish sentiment.

We will wait for the price to break out of the moving averages before suggesting a trade in it.

Conversely, if the bulls can propel the price back above the overhead resistance zone, it will indicate demand at lower levels.

The pair will face resistance at the moving averages, above which it is likely to pick up momentum and move up to $0.0409111 in the medium term.