an hour ago | Michael Fasogbon
| ⠀Ravencoin price: | $0.021 |
|---|---|
| ⠀Key RVN resistance levels: | $0.25, $0.28, $0.32 |
| ⠀Key RVN support levels: | $0.02, $0.018, $0.016 |
*Price at the time of writing
Ravencoin price long-term prediction: Bearish
The Ravencoin market continues to display signs of weakness as the price action remains tight in a channel pattern. Following a major retracement earlier this month, RVN resumed a downward trend after a third rejection at the channel’s resistance. Against Bitcoin, the token is following the same bearish pattern.
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Now, the 9 days of consistent price drops have brought RVN close to the channel’s support as the $0.02 and $0.018 levels may be tested. At the channel’s lower boundary, we should expect a positive correction to the $0.032 resistance. Currently, immediate resistance is located at $0.025 and $0.028.
If a bounce fails to trigger, the selling pressure may extend to the $0.016 support level, which sits beneath the channel formation. Technically, the RVN market is yet to locate a bottom. The RSI is now aiming towards its lower band after seeing a sharp fall from the overbought region. Now, the price of Ravencoin has crossed back to the negative zone on the MACD, showing a weakening momentum.
Ravencoin price medium-term prediction: Bearish
From $0.034, RVN significantly dropped to a consolidation cycle which appeared ending soon. A look at the price actions suggests that Ravencoin is forming another bearish pattern – a possible lower low to $0.02 – $0.018 support zones. As shown on the 4-hour chart, the market is more likely to respect the white regression line.
If the buyers turn active now, the RVN market may start a bullish move towards the $0.026, $0.030 and $0.034 resistance levels. For now, the bears are gaining control of the market.
Meanwhile, RVN has been finding support on the RSI lower band for the past week. RVN will likely continue falling if the indicator drops to the oversold zone. The current 4-hour MACD is negative but a positive climb could bring the bulls back in action.
Ravencoin price short-term prediction: Bearish
From a short-term perspective, Ravencoin remains in a downward trend but the bearish sentiment may soon end if the formed wedge pattern is ended with a bullish break. Following the squeeze in the last 12 hours, RVN is now sitting on the wedge’s lower boundary. If the lower boundary can provide support for the market once more, the price could jump to the $0.023 resistance.
A further increase would allow Ravencoin to test the $0.025 and $0.027 resistance levels. We can see that the RSI is currently sitting on the 30 level, giving the bulls a small hope. However, the MACD is revealed in the bearish zone, showing that the sellers are still active.
A drive below the wedge boundary would likely lead to serious selling in the market. The potential support to watch out for is $0.02, $0.019 and $0.018. For now, the RVN market remains bearish on the hourly chart.
