- RVN coin price is obtaining strong support from the 200-day EMA
- The RVN/BTC pair was trading at 0.000002039 BTC with a gain of 5.59%
- The 24hour trading volume in RVN coin is $294.9Million, indicating a 226.75% gain
As mentioned in my previous article on Raven, the technical chart indicated an intense demand pressure at the $0.105 support. The RVN coin price tested this support level several times, and on October 28th, the coin obtained enough bullish momentum to bounce back from this level.
As for now, the coin price has finally managed to break out from the formidable resistance of $0.124, providing an excellent long opportunity for crypto traders.
According to the EMAs, the RVN coin indicates a bullish trend as the price is trading above the crucial 20, 50, 100, and 200 EMA.
The RSI value at 62 indicates a bullish sentiment within this coin. However, the RSI did not shows a significant movement for the bullish breakout.
RVN Coin Retraces Back To Retest The Broken Resistance
Today, the RVN coin has retraced back to this $0.124 level to validate if this breakout was genuine or not. Moreover, if the price showed enough demand pressure at this level, the crypto trade could grab a great entry opportunity for them. The current price of the RVN coin is $0.126, with an intraday loss of 0.98%.
According to the traditional pivots, the nearest horizontal resistance for RVN price is $0.138, followed by the $0.155 mark. However, If the price falls this mentioned retest at $0.124 level, the next significant support would be $0.116.
Conclusion: From the technical perspective, the short-term for the RVN coin is still bearish. However, the chart already indicated a way to change this sentiment with the breakout of a crucial resistance of $0.124. If the price manages to sustain above this level, the coin could show a significant up movement.
Support– $0.124
Resistance– $0.138