- The RVN coin price is trading at $0.01518.
- The token is up by 2.04% over the last 24 hours.
- The coin has been trading with a volume of $4,377,480 Million in the last trading session.
In this fast-paced arena of digital currencies, the spotlight now turns to Ravecoin, with investors and enthusiasts alike wondering whether the bears will maintain their grip on its price. Get a detailed examination of Ravecoin’s market dynamics, employing technical analysis to uncover the key factors that may steer its future course.
Ravecoin (RVNUSDT) Coin: Technical Analysis
Ravecoin is currently trading at $0.01610, with a market cap of $197,029,136 and an average volume of 35.209 Million.
In December 2022, after a fall of more than 75%, the price formed support at $0.01610.
In February 2023, the coin price, after creating its 2023-year high of $0.03798, started to face rejection. The price then started to fall and fell to its support zone at $0.01610. It was seen falling in a falling wedge pattern.
Recently, the price has given a breakdown of $0.01610 and is sustaining below it. The price could fall to its historical support at $0.01050. However, for the price to be in bullish sentiment it must have given the breakout of the falling wedge pattern and should reclaim the $0.01610 level. Then it may rise to its next resistance at $0.02200.
Technical Indicators and Predictions About The Current Trend
The RVNUSDT price is currently trading below the 50 and 200 EMAs, indicating bearish sentiment and bearish control over the price.
The relative strength index is at 48.67 and is trending in the upward direction. This indicates that the price is in neutral territory, but if the RSI line keeps trending like this and crosses the 50 RSI level. Then the buyers could be able to influence the RVN price more than the sellers.
The Ravecoin long/short ratio shows that the short order has been placed more than the long order in the current scenario. Where long orders are 43.93% and short orders that have been placed are 56.07%.
Conclusion
The Ravecoin / TetherUS (Binance) coin price is bearish at the time of writing. The price has recently given a breakdown of $0.01610, is sustaining below it, and could fall to its historical support of $0.01050. However, for the price to be in bullish sentiment, it must have broken out of the falling wedge pattern and should reclaim the $0.01610 level. Then it may rise to its next resistance at $0.02200.
Technical levels
Resistance levels: $0.01610 and $0.02200.
Support levels: $0.01050.
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading comes with a risk of financial loss.