- RVN coin price is hovering around the supply zone as it follows the bullish momentum in the pone week.
- The RVN coin is forming a double bottom pattern in the daily time frame.
- The pair of RVN/BTC is trading at the price level of 0.00000118 with an increase of 1.28% in the past 24 hours.
RVN coin price is trading near the supply zone of $0.03, as it tries to break it. RVN coin price has bounced off the demand zone as the coin price follows bullish momentum. At present, the coin price is trading in a small narrow range and a breakout on either side will trigger a big move. At present, the coin is consolidating around the supply zone. The RVN coin price is trading above the 50 Moving Average. Despite the breakout of 50 Moving Average the coin is yet to give a breakout of 100 Moving Average. Going forward the coin can face rejection and fall back into the demand zone. The RVN coin price is currently trading at the upper band of the Bollinger band indicator after blocking off the Bollinger band indicator. The RVN coin price has already given a breakout of 14 SMA as the coin now retests the yellow line. Volumes have increased as the coin price hovers near the supply zone. This will lead to an increase in volatility.
RVN coin price is Fleming falling wedge pattern on an hourly time frame
RVN coin price, as per the price, is forming lower low and lower high formation which has led to the formation of a falling wedge pattern.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the coin forms a bullish chart pattern on an hourly time frame. The coin bounced off the demand zone which resulted in a positive crossover. The blue line crossed the orange line on the upside. As soon as the coin breaks the falling wedge pattern on the upside the MACD line can be seen widening, supporting the trend.
Supertrend: The RVN coin can be seen moving up as soon as the coin breaks the super trend sell line. The coin is hovering around the supply zone. The super trend coin gave a sell signal as the coin broke doe the important demand zone. Now it is acting as a strong supply zone.
RVN coin price is forming a descending triangle pattern on a weekly time frame
RVN coin price, as per the price action, has been taking support from the constant demand zone and has been facing rejection from the falling trendline, which has resulted in the formation of the descending triangle pattern.
Average Directional Movement Index: ADX curve has been dipping front the last 6 months sell as the coin falls. The ADX curve is trading below the 25 mark zone. Although the ADX curve has turned sideways. As a result, the coin price has halted and therefore the coin can be seen moving upside.
CONCLUSION: RVN coin price is resting at the long-term demand zone as seen in multiple higher time frames. In an hourly time frame, the coin has formed a bullish reversal chart pattern. The technical parameters suggest the same.
SUPPORT: $0.020 and $0.022
RESISTANCE: 0.030 and $0.032