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- Ravencoin crypto price takes out previous week high at $0.02109 and forming a bullish reversal pattern
- RVN coin price had recovered 38% approx from the demand zone at $0.01800
- RVN price breakout 50 day EMA and racing towards supply zone of 200 day EMA
Ravencoin crypto prices are trading with bullish cues and buyers have succeeded to reverse the short term trend in the favor of bulls. According to Coingalss. In the last 12 hours the Long and Short ratio stands 0.97 denotes the balance between bullish and bearish positions. Currently, The pair of RVN/USDT is trading at $0.02498 with the intraday gains of 5.98% and 24 hour volume to market cap ratio stood at 0.0587.
Will the Ravencoin rally continue ?
On a daily time frame, RVN crypto price is reversing upwards with the positive bullish momentum and buyers have succeeded to hold the price above the 50 day EMA (yellow) which shows the confidence of bulls at lower levels. From the past couple of months RVN prices consolidated in the narrow range between $0.01780 to $0.02400 with a bearish bias but surprisingly bulls defended the support level and prices managed to break out of the hurdle zones.
Recently, RVN prices are near to oversold and tested a low at $0.01777 but some aggressive buyers came forward and pushed the prices higher above the 50 day EMA which triggered a positive sentiment and buyers managed to reverse the short term trend in the favor of bulls. However, the prices are racing towards the supply zone at $0.02681 which will act as an immediate hurdle level for bulls followed by the next hurdle at $0.03404.
Ravencoin prices are on rise from the past 15 consecutive days and seems like prices will soon enter overbought level. Therefore, if prices triggered minor selloff or entered into consolidation the $0.02000 and $0.01780 will be acting as support levels for bulls. The MACD has generated positive crossover and histogram bars on rise indicates upwards momentum may continue in coming days whereas the RSI at 77 denotes overbought zone.
Summary
Ravencoin crypto prices are reversing upwards and buyers are expecting the positive momentum to continue in coming days. The technical analysis suggests that prices are near to overbought zones and need some consolidation for further movement but the buyers seem to be very aggressive and the wise traders will never fight with the market trend. Therefore, traders might look for buying opportunities for the target of $0.03000 and above levels by keeping $0.01800 as SL. However, if prices drop below $0.01800 the trend reversal will become doubtful.
Technical levels
Resistance levels : $0.02681 and $0.03404
Support levels : $0.01780 and $0.01500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
