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•RVN/USD is currently priced at $0.04 and has decreased by 8.94% over the past day
•The trading volumes have increased by 12.51% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Ravencoin crashes again as outlook worsens
The RVN price today is $0.042596 USD with a 24-hour trading volume of $28,931,011 USD. Ravencoin is down 8.94% in the last 24 hours. The trading volumes have increased over the past day amid increased selling pressure whereas the Volume to Market Cap Ratio stands at 0.06485.
Ravencoin has been printing multiple bear flags since it reached its all time high of $0.2854 on Feb 20, 2021. Should the altcoin break down off its current bear flag parallel channel, a target of the low $0.0273 may be on the cards. However, should bullish sentiment resume, the bulls will need to tackle resistances at the middle and top of the current parallel channel located at $0.055-$0.0658 respectively. The bearish sentiment is depicted accurately by Ravencoin price currently transacting below the 20,50 SMA on the four hour chart.
Long Term View for Ravencoin
RVN price is seeing a strong downtrend on the daily chart which can push it below to a new low. The Relative Strength Index (RSI) is transacting at 37.56, which means that Ravencoin is in a nearly oversold state. The MACD indicator paints a similarly bearish picture as the increased selling pressure has led to the presence of red histograms on the daily chart. The MACD and signal lines are transacting in the negative zone as well, which poses a hurdle for the bulls to overcome.
Conclusion
Technical indicators of the RVN price hints towards a bearish momentum for upcoming days. Hence, the asset is likely to continue its descent for the foreseeable future unless there is an influx of buyers in the market.
Support: $0.035-$0.0273
Resistance: $0.055-$0.0658
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
