Ravencoin Price Analysis: RVN Tend towards Support Trendline, Will it Retest Trendline Again? 

• Ravencoin (RVN) has gained more than 15% in price in the last 24 hours.

• RVN price face retracement phase on the upper band of Bollinger Bands indicator.
• Ravencoin belonging to the bitcoin pair is in the green zone at 14.6% 0.00000186 satoshis.

Ravencoin (RVN) recorded a new rally in September, marking a 17-day recovery. In just two trading sessions, buyers reclaimed around 35% of the price of the RVN coin. This rapid recovery indicates a retest of 60 days higher in the coming trading session.

Price action is forming a high-low formation in the beach time frame like the daily and above. Thus the ascending trend line (bottom of the chart) is still valid since mid-June. This support trendline has supported buyers several times over the past few months, so any fall below this hedge zone could result in a sharp decline.

The crypto is heading towards the volatility zone where the bears manage the price of the asset below the $0.042-resistance level. Despite today’s price correction, the bulls have an upside position to propel the coin over 10% to the latest resistance level. As of press time, Ravencoin is trading at the $0.03726 mark amid a price correction.

Today’s pullback occurs because the price of the asset has moved above the upper-band of the Bollinger Bands indicator in terms of the daily price scale. If the price slides further 15%, the mid-band of the lower indicator is a pumping zone.

Stoch RSI Reached Into Overbought Zone  

The market capitalization of Ravencoin increased by more than 15% in the past 24 hours to a record $390 million according to CMC. However, trading volume increases along with the bullish trend, suggesting short-covering in the coins. Furthermore, Ravencoin belonging to the bitcoin pair is in the green zone at 14.6% 0.00000186 satoshis.

The Stoch RSI indicator moved sharply into the overbought zone after a dip in the lower zone. Similarly, the MACD indicator is about to move above the neutral zone on the daily price scale.

conclusion

Ravencoin (RVN) price is trading near a resistance level after bouncing off the support trend line. Sellers have already set their sell order at $0.045 – Bullish barrier.

Support level – $0.026 and $0.020

Resistance level – $0.045 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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.