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- Ravencoin (RVN) displayed a bullish breakout last week.
- According to CMC, the price of RVN has gone up by over 78% in the last seven days.
- RVN Coin pair price with Bitcoin pair is up 21% at 0.000002944 Satoshis.
Ravencoin price is showing a bullish breakout from a bearish price pattern. Many speculators have already formed up-side positions last week as the weekly price candle moves above the longer term bearish trend line (mentioned in the chart). Similarly, buyers are looking aggressive this week as well while the coin is up 26% in just two days of this week.
The next resistance near the 0.236 level of Fibonacci retracement will be the $0.80 mark. On the other hand, the August low at $0.0267 is acting as a key hedge area for buyers. For three weeks, the RVN crypto has been moving higher, but the bears are still holding off on selling. Meanwhile, the coin is trading at $0.0654 mark at the time of writing with a slight intraday downside.
On price action concerns, it is bullish and is poised to reach $1.0 in September as RVN bulls attempt to hold the weekly price candle above the 50-DMA. Whereas, the coin is trading above important moving averages like 20,50,100 and 200 day moving averages on the daily price scale.
Ravencoin is close to retesting the $0.80 resistance area on the daily price scale. Buyers need to collect coins here to maintain the upward momentum. However, according to the CMC, the market cap has gone up over 78% in the last seven days. Moreover, the price of RVN coin pair with bitcoin pair is up 21% at 0.000002944 Satoshis.
Bullish Breakout Indicates More Upside Rally
The RSI indicator is struggling with a bullish barrier zone at the $80 level on the daily price chart. This shows extreme bullishness for the RVN token. Similarly, the MACD rises in the positive zone with higher histograms.
Conclusion
Ravencoin is progressing to reach the next bullish barrier near the $0.80 area (0.236 Fibonacci retracement level). All important indicators like moving average, RSI and MACD are bullish on RVN coin, hence buyers have an opportunity to sustain the uptrend.
Support level – $0.040 and $0.020
Resistance level – $0.080 and $0.10
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
