Ravencoin Price Analysis: The Struggle Above SMA-21

RVN is struggling to sustain above the SMA-21
  • Ravencoin price action is fighting with SMA-21 on Sunday’s trading session
  • The 24-hour volume in RVN is at $347,841,705 with an 187.97% increase
  • The RVN/BTC pair was trading at 0.000003559 BTC with a loss of 1.98%

The 4-hour technical chart of Ravencoin price action forecasts a positive trend. According to pivot points, RVN’s critical support level is placed at $0.1300. Whereas if it moves up, the key resistance level to watch is $0.2290. While diving into the weekly chart of a 4-hour time-frame, it completes a shooting star candlestick pattern representing bullish reversal with medium reliability.

SMA-21 & 50 acts as another strong support in the coin. SMA-21 (purple) is above the SMA-50 (white), which projects a bullish trend. The price is also fighting to sustain above the SMA-21 and the price will also follow the positive direction.

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RSI indicator (BULLISH), with a value of 58.17, indicates a buy signal in the coin. Moreover, Investors can see a flat slope in the index, and it may soar in future trading sessions.

The volume of (84.883M) represents a low volume which is below the Volume MA (356.115M) of 20-days. High buying pressure is required in RVN to drive its price to higher levels.

Ravencoin Price Action Projects positive Movement

Ravencoin price traded at $0.2008 with a gain of 0.66% in the last 24-hour and 10.0% down in the weekly time-frame. Furthermore, RVN is struggling to sustain above the SMA-21. In contrast, the market capitalization stands at $1.69 billion. Technically, investors can perceive a positive crossover in SMA, and the price is above all the SMA. RSI index showcases a flat slope. Moreover, the price movement can be towards the resistance of $0.2290 in future trading sessions.

Resistance: $0.2290

Support: $0.1300

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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