- Ravencoin has broken above the resistance level after retreating from the bullish trend.
- RNV crypto is trading above important moving averages like 20, 50, 100, and 200.
- Trading volume decreased by 47% to $185 million compared to the previous night.
Following a reversal from a bullish trend, Ravencoin (RVN) has now broken above resistance. The 20-day rebound for the RVN coin was marked by a new rally in September. Within a week, altcoins regained more than 50%. This quick recovery suggests that the 60-day high will be tested again in the ensuing trading session.
Currently seeing a bullish rally. The resistance level of $0.044 has been broken by the RVN coin. Every time frame, including the daily and higher, is seeing price action build a high-low structure. As a result, since mid-June, the ascending trend line at the bottom of the chart has been accurate. Since buyers have benefited from this support trendline multiple times in recent months, any slide below this hedging zone might be severe.
Buyers are struggling in the intraday trading session as the downside dominated the weekend. Thus, the RVN coin is trading at the $0.0523 mark at the time of writing, with an 8.8% intraday decline against USDT. Moreover, the RVN and BTC pair is down 3% at 0.000002417 Satoshis.
Buyers posted a 60-day high this week at $0.06061, but profit booking today brought a retracement phase. Therefore, trading volume decreased by 47% to $185 million compared to the previous night. Nevertheless, RNV Crypto is trading above important moving averages such as 20, 50, 100, and 200 in terms of the daily price scale.
RSI Shift its Peak Lower
The profit booking took place as the RSI indicator reversed from the overbought zone on the daily price scale. On the other hand, the MACD indicator continues to move up in the positive territory.
Conclusion
Ravencoin (RVN) is going to retest the $0.050-support area to complete the retracement phase. If the RVN price falls below the $0.050 level, the bears could again pull the price towards a bullish trendline.
Support levels – $0.040 and $0.020
Resistance level – $0.062 and $0.080
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.