Momentum signals have weakened on daily, weekly and monthly charts, which increases the chance of a breakdown in price.
Still, other technical indicators are neutral, which means intraday buying could be short-lived.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period.