A massive drop in RSI towards the oversold territory and the formation of a lower low highlighted strong selling pressure.has recently experienced a bearish reversal, causing concern among investors about a potential pullback because the week preceding that was strongly bullish.
The RSI bands indicated that the price has moved out of the overbought region, trending towards or possibly entering the oversold zone.This bearish trend is further highlighted by the recent lower low which was way lower than previous lows, indicating even more incoming selling pressure.
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