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- 1 Ravencoin price is currently trading at $0.01969 while witnessing a gain of 6.78% during the intraday session.
- 2 RVN price crosses the 20 and 50-day EMAs positively but still stays below the 100 and 200-day EMAs.
- 3 The year-to-date return of Ravencoin is 6.47% while the three-month return is -23.69%.
During the start of 2023, RVN price, rising from the low of $0.01821, entered into an uptrend and started to form higher lows. This move led to the formation of an annual high at $0.03798. The price faced heavy resistance and closed at $0.035.
The rejection triggered a drop in the price which broke the trendline and the price fell to form support at $0.022. The price then entered into a consolidation zone ranging between $0.022 and $0.028 for the months of March and April. During the start of May, the price shattered the support level of $0.022.
Recently, RCN price formed a support level at $0.01635 and started to shift its trend from bearish to bullish. The cryptocurrency’s price did managed to rise by roughly 35% but the move was halted at $0.02221 and the price fell to form support at $0.01810.
The current candle has broken the upper wick of the previous candle and is currently headed toward an immediate resistance level of $0.02035. If the price can rise above the resistance level of $0.02035, there is a possibility that the price might fill the upper wick of the June 25 candle.
For the price to retest the annual high, it needs to rise above $0.028. The market capitalization of ravencoin has increased by 7.32% to $251 million. The 24-hour trading volume is up by 66.26%. Ravencoin price is down by 93.08% from the all-time high of $0.2854.
Will RVN Price Enter Into Previous Consolidation Zone Again?
RVN price crossed the 20 and 50-day EMA, positively indicating rising bullish momentum in the price. There is a high probability that the price might break the resistance level of $0.02035. Chaikin money flow score is -0.11, suggesting that there is still weakness left in the market as the overall trend for RVN was strongly bearish before the bullish move. The RSI trades at 56.91, suggesting that the price possesses strong bullish momentum.
The price reached the upper band of bollinger and retraced toward the 20-day SMA of bollinger. A support has been formed near the 20-day SMA and the price is currently headed toward the upper band of bollinger. The long/short ratio is 1.02 with 50.59% longs and 49.41% shorts, indicating a slightly higher pressure from bulls in the last 24 hours.
Conclusion
The market structure and price action of ravencoin has turned bullish after rising from the support of $0.01635. The technical parameters suggest that there is a rise in bullish participation and high probability that the price might break the $0.02035 resistance level.
Technical levels
Major support: $0.01635 and $0.01810
Major resistance: $0.02235 and $0.02800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
