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ThecoinrepublicCryptoDecoding the Future:  A Technical Analysis of...
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Decoding the Future:  A Technical Analysis of Ravencoin (RVN)

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  • The coin is presently showing resistance at current price levels.

The coin is currently trading close to its 200 Exponential Moving Average (EMA).The coin showed a good rally upside from its support level indicating that it has gained uptrend on the daily chart.

RVN on the daily chart

Source: TradingView
Source: TradingView

The chart’s horizontal line demonstrates that price has repeatedly resisted here and has been unable to break these levels. At the current levels, it may appear that the price broke these levels but instead formed a consolidation zone, indicating that the investors who bought at the support level are exiting their positions. Therefore, there is a probability that if the price breaks out of this consolidation zone, it will make a strong bull move to its next resistance level which is $0.04219317.

MACD – According to the MACD’s bullish crossing signal, RVN has grown stronger on the daily chart. The indicator’s bullish crossover reveals that there are more bulls in the market than bears.

Relative Strength Indicator (RSI) – The relative strength indicator (RSI) curve has a value of 71.66 which is above its 50-point threshold. This suggests that the price will increase going forward, which is excellent news for the coin.

Analyst views and expectations

We may see a bull move in the next few days and that could be the best time for short-term investors to invest in the coin. Long-term investors should wait for a Golden crossover which is on its way. They can take long-positions after Golden crossover takes place and can plan buying when the price comes near its 50 EMA .

CapitalAltCoin predicted a relatively pessimistic price for the RVN cryptocurrency. According to the website, it may fall to $0.0134 by March 2023 before recovering somewhat to $0.0175 by December 2023. The website then made a ravencoin price prediction for 2025, predicting that the coin will trade at $0.0309 that year.

According to PricePrediction’s RVN coin price forecast, the cryptocurrency might average $0.030 in 2023 and $0.044 in 2024. The website predicted that the price of ravencoin might be $0.065 in 2025, $0.091 in 2026, $0.13 in 2027, $0.19 next year and possibly $0.28 in 2029. The website then predicted the price of ravencoin for the year 2030, estimating that it may trade at $0.42, then asserting that it might rise to $0.59 in the following year.

Technical Levels

Major resistance -$0.06260975

Major support -$0.01797630

Conclusion

The coin looks favorable for short-term investors.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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