As we can see, it's been having a pretty rough time of it lately (as has the entire market) since its highs on the 9th of January. We had an attempted rally on the 16th, but hit the top of the resistance and has been slowly descending since. More recently, looking at the , we can see the formation of two higher lows, as indicated by the blue dashed line. This is an indicator of behaviour beginning to emerge, but the main resistance against any rise has been the 50 so far. We've also recently (5th) had a crossover of the 50 and 200 lines, which is generally bad news, but they seem to be converging again, so potentially signalling another crossover. And the downward seems to be reaching an end point, hopefully suggesting an imminent breakout.
The also is also hovering around the 50% mark, so could turn either way.
For myself, I would like to see both the downward resistance, and both the 50 and 200 EMA's to be crossed before considering a trade. Also, the has been extremely low - this would also need to pick up. This is a coin that responds very favourably to development news, so I would suggest keeping an eye out on Twitter as a breakout could be kick-started by some good news.
This all depends on Bitcoin remaining stable as well, which it currently seems to be doing.
Thanks for taking the time to read my thoughts. This is not investment advice.
Important to keep an eye on Bitcoin as it approaches $10k though. It needs to contend with the top of it's rising channel, plus the 200 EMA and the psychological 10k barrier at roughly the same point.