- The Ravencoin price is moving down after reversing from the $0.080 resistance zone.
- Buyers failed to manage RVN prices above 50-DMA over the weekly time frame.
- Speculators saw an increase in trading volume of 58% overnight.
The Ravencoin trapped bulls last week as the price turned bearish. Later on, the altcoin price seems to be sideways and continues moving lower for the past 10 trading sessions. Meanwhile, the RVN coin against the USDT pair is trading at $0.03931 Mark at the time of writing.
RVN on Weekly Chart
The weekly time frame of Ravencoin has been underperforming since it was at an all-time high. And price action forms the lower-highs formation so far. Just two weeks ago, bulls successfully managed to keep asset prices higher above the falling parallel channel. But this breakout failed to sustain in the higher zone, thus selling occurs this week also, meanwhile, the coin is down by 4.06% this week.
Bears stand at the 0.236 level of Fib retracement close to the $0.080 zone, and that short asset aggressively as we can see highest red volume bar so far. However, 20-DMA is remaining below the current price of RNV crypto and the 50-DMA stood to be a key selling zone.
The 200-SMA is the Last Hope of the Bulls
Sudden price drops in the last two weeks influenced sellers and they also sold out assets heavily. This drop dragged RVN price below the 20-day moving average in terms of the daily price chart. As well as, the MACD indicator moves lower after bearish crossover.
Although, the pair price of RVN along with Bitcoin is trading positive by 1.4% at 0.000002065 Satoshis. And Speculators saw an increase in trading volume of 58% overnight.
Conclusion
The Ravencoin (RVN) fluctuates above the 200-day moving average in terms of the daily price chart. If buyers fail to maintain price above this support level, then again price may vesite till previous swing low.
Support levels – $0.035 and $0.020
Resistance level – $0.044 and $0.078
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.