Ravencoin price prediction: Will RVN trades out of channel?

• Ravencoin is currently trading at $0.02551 with an increase of 3.57%
• Ravencoin price is below the 20,50,100,200 EMAs.

Ravencoin price was reached the $0.035 level, it fell directly to the $0.022 level which turned into support and then started its bullish rally to make a high at $0.028 level. After that price has been falling in a downward channel making lower lows and lower highs headed toward the $0.022 level. On a 4-hour basis, RVN is currently trying to break above the channel. If price could break and close above the downward channel we could expect bullish momentum in the market. 

Currently, RVN price has crossed the 20 day EMA in upward direction showing strong bullish momentum in the price on a 4 hour basis. Ravencoin is trading below the 20,50,100,200 EMA on the daily time frame. 

The price touched the lower band of the bollinger and bounced off to the 20 day SMA. The price still has not shown upward movement breaking the median line. 

Technical analysis of RAVENCOIN:

The RSI curve is presently at 47.02 below the median line which is currently at 47.64 on the daily basis. The RSI curve recently touched the oversold zone and started its upward trend. The RSI curve is gradually decreasing to again reach the oversold zone on a daily basis. 

In 4 hours, the RSI curve has crossed the 50 mark and is currently above the median line. The RSI curve on the 4 hour basis is at 52.95, and in an uptrend to reach the overbought zone. The price has been bullish on the 4 hour time frame which increased the RSI.  

The -DI is currently above the  +DI with ADX at 10.14 indicating low strength on the daily basis. The +DI has almost crossed the -DI suggesting a reversal as price gains the bullish momentum. On a 4 hour basis, the +DI has already crossed the -DI with the ADX at 24.28. Smaller time frames have turned bullish for the price as it reaches lower highs.

Conclusion: 

Raven Coin is currently in a downward channel making lower lows and lower highs. The market structure on the higher time frame is bearish for the price. The price needs to break above the trend line for making any bullish move. The higher probability for the price to reach the support at $0.022 level and start its uptrend for the again retesting $0.028 level. 

Technical levels: 

Major support : $0.022 and $0.024

Major resistance : $0.028

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.