According to recent price predictions, the Ravencoin (RVN) cryptocurrency is currently experiencing a consolidation pattern. Despite attempts to break free from this pattern, RVN has been finding it difficult to maintain a position near the upper boundary of its current price range. After a decline, the cryptocurrency is now moving horizontally on daily time frame charts. To revive its fortunes, RVN needs more buyers to engage and break out of this stagnation. Further details can be found below.regain its momentum. Keep reading to see the full price prediction analysis.
By Andrew Smith
Ravencoin price prediction indicates the consolidation phase of RVN crypto inside a range-bound area. RVN crypto needs to accumulate buyers in order to escape from the consolidation phase. However, after slipping from the $0.01820 recovery level, RVN crypto slipped and got stuck inside the horizontal range-bound area over the daily time frame chart. Meanwhile, buyers need to come forward for the rescue of RVN cryptocurrency.
Ravencoin price has been consolidating inside the horizontal price range of $0.01448 and $0.01602. Meanwhile, RVN crypto is slipping towards the lower trendline of the consolidation phase and needs to gather support in order to surge towards the upper threshold.
Ravencoin price was at $0.01488. It lost 0.53% of its market capitalization during the day’s trading session. Trading volume has declined around 8.09% during the intraday trading session. This demonstrates that sellers are trying to pull RVN crypto downwards. The volume-to-market cap ratio was 1.91%.
Analyzing Technical Indications For Ravencoin Price:
Ravencoin price prediction indicates that RVN cryptocurrency is currently facing difficulties as it hovers on the brink of entering a consolidation phase. RVN crypto has been making attempts to break out of its established pattern but is unable to maintain its position near the upper boundary.
Nevertheless, it’s worth noting that the trading volume remains below average, and it needs to be increased as the day’s trading session progresses. Meanwhile, RVN crypto is trading below the 20, 50, 100, and 200-day daily moving averages.
Ravencoin cryptocurrency has encountered persistent obstacles in its pursuit of growth since the start of the year. In the past week, the price of RVN has decreased by roughly 4.50%, and over the last month, it suffered a more substantial drop of about 18.21%.
Expanding the timeline to the past three months reveals a significant decline of approximately 20.90% for RVN crypto, and within the last six months, its value has plummeted by a notable 33.70%. Looking at the year-to-date performance, Ravencoin cryptocurrency has experienced a decline of approximately 19.84%.
The technical signals point towards a decline in the value of Ravencoin cryptocurrency. Both the relative strength index and the moving average convergence divergence indicators indicate a downward trend for RVN crypto.
The RSI currently stands at 35 and is moving closer to the oversold region. Meanwhile, the MACD line is struggling to stay above the signal line following a positive crossover. For investors involved in Ravencoin cryptocurrency, it’s advisable to exercise patience and await any significant directional changes as observed on the daily timeframe chart.
Summary
Ravencoin price prediction showcases the consolidation phase of RVN crypto inside a range-bound area. RVN crypto has been making attempts to break out from its established pattern but was unable to maintain its position near the upper boundary. Looking at the year-to-date performance, Ravencoin cryptocurrency has experienced a decline of approximately 19.84%. The technical signals are pointing towards a decline in the value of Ravencoin cryptocurrency.
Technical Levels
Support Levels: $0.01477 and $0.01448
Resistance Levels: $0.01532 and $0.01602
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