Although it is not the most liquid instrument on the market, it still respects the principles of the technical analysis, at least some of them. The reason why I wanted to analyse this instrument is the fact, that currently, we can see a nice head and shoulders formation (orange), which may be promoting a further drop. The formation is not active yet because we did not get a breakout of the neckline (black) but the situation looks promising.
It is not the first time that this crypto is seeing the head and shoulders formation. Previously we had that in December, January and February (yellow) but it did not result with a bigger depreciation. Why? Because the price did not break the neckline! Now you see why it is so important to wait for that before opening a position on the market.