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- 1 Ravencoin is trading at $0.02027 while seeing a rise of 28.3% in the 24-hour trading volume (press time).
- 2 The Ravencoin price recorded a surge of 8.75% in the last 7 days.
Ravencoin price prediction suggests that the RVN token is momentarily making a rally below the 200-day EMA. The candlesticks with long wicks suggest that there is a slight fluctuation in price. The wicks indicate that rapid buying and selling activity is taking place. Ravencoin price has been acquiring consistent backing from buyers near $0.01800 for the past few weeks.
Ravencoin is a digital peer-to-peer network seeking to enforce a use-case-specific blockchain. Ravencoin is an open-source project, It handles the transfer and creation of assets from one party to another, efficiently. It was launched on January 3, 2018.
Decrease In LunarCrush Levels: Ravencoin
Despite the plunge in the majority of parameters shown on the LunarCrush platform, the price and 24-hour volume of RVN token observed a spike.
The total bullish sentiment metric receded by 73.2%. A drop of 96.47% was observed in the total social engagement level which suggests that the potential buyers in the community are apprehensive about RVN crypto.
Significant Hike In Greed Sentiment Of Investors
Investor sentiments concerning the overall cryptocurrency market are moving near the neutral zone. The sentiment index metric fell by 7 points within a brief period of time when the index was moving near 61 points.
The current value of the sentiment index is 56 points in the greed zone as per the Alternative(dot)me platform.
Ravencoin Price Prediction: Technical Analysis On Daily Timeframe
The relative strength index (RSI) line is trading above the median line on the daily time frame. The present value of the RSI is 56.17 points and the value of the 14-day SMA is 55.45 points. The RSI line is making a double-top pattern after facing rejection from 60 points.
At present, the stochastic RSI is advancing towards the demand zone and the value of the stochastic RSI is 67.02 points. The %K and %D may soon give a negative cross, down to the median line on the 1-day chart.
Conclusion
According to the analysis, the RSI and stochastic oscillators are forming a double-top pattern. The buyers are trying to take back possession of the Ravencoin price action though the odds are not in their favor, according to the price action. Per the historical price action, RVN token requires substantial effort on the buyers’ part to make a recovery.
Technical Levels:
Support –$0.01500
Resistance – $0.03000
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.
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.
