Prices are experiencing an accelerated downtrend and are their farthest away from the 200-day moving average level of $4.06 in more than a year. ADX is at its highest level in the past 18 months, and will probably have peaked.
Meanwhile, 21-day RSI, which was as low as 25, has rebounded, forming a minor positive divergence with price. In the short term, a temporary rebound may materialise. However, this is unlikely to gather momentum on the upside, with resistance appearing at $3.84. The earlier breakdown level of $3.90 indicated a target of $3.60, which may still be attained. A recovery is unlikely, but prices should start to form a base.
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