Ravencoin Follows Bitcoin January 2024 Downward Trend

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A recent article by Omkar Godbole highlights a potential bearish signal for Bitcoin, which could also lead to bearish territory for smaller coins like RVN. The Guppy Multiple Moving Average (GMMA) indicator, a tool for identifying trend changes in the bitcoin market, is showing signs of a bearish crossover.

This shift follows a period of bullish momentum that began in mid-October when the short-term (green) band of EMAs crossed above the long-term (red) band, leading to a significant price surge from around $28,000 to nearly $49,000.

Currently, with the green band nearing a crossover below the red band, the indicator suggests growing bearish momentum, aligning with Bitcoin’s trade below the red band at $39,200. This pattern reflects the GMMA’s historical tendency to signal major market trends.

The Guppy indicator is on the verge of flashing a bearish signal. (TradingView/CoinDesk)

Today Ravencoin is hovering around $0.0176, down from a February 23, 2023 high of $0.0348. If the trend continues, RVN could be headed to a recent low of $0.016.

RVN observation by RavenTrain Staff / Chart from CoinMarketCap

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