RVN Technical Analysis: Market Momentum Negative, Price Fall Expected to Continue


Ravencoin is an open-source blockchain project hard-forked from the Bitcoin code. It facilitates peer-reviewed digital currency transactions and implementation of use case-specific blockchains. RVN is the prime governance token of this ecosystem that facilitates the easy transfer of digital money among different entities. The RVN technical analysis is as follows:

Past Performance

On April 17, 2021, RVN started trading at $0.201. As of April 23, 2021, RVN closed at $0.145. Thus, in the past week, the RVN price has dropped by approximately 28%. In the last 24 hours, RVN has traded between $0.133-$0.145.

RVN Price Analysis

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Day-Ahead and Tomorrow

Currently, RVN is trading at $0.14. The price has decreased slightly from the day’s opening price of $0.144. Thus, the market seems to be downtick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. Hence, we can expect the price to decline further.

The RSI indicator is currently at 37%. It faced rejection at 33% and rallied to the current level. However, selling pressures are still high. Thus, the price will continue to fall for some more time.

The A/D indicator is falling steadily. Thus, whale distributions are higher than whale accumulations. Thus, the bears seem strong and the price is poised to fall further.

In a nutshell, all three oscillators have given bearish signals. Thus, the market momentum is negative and the price fall is expected to continue today.

RVN Technical Analysis

As per technical analysis, the price is currently below the Fibonacci pivot point of $0.141. It will soon fall below the first support level of $0.136. By day’s end, the price is expected to fall below the subsequent support levels of $0.133 and $0.129, respectively.

The price has tested and fallen below the 50% FIB retracement level of $0.139. By day close, it may fall below the 23.6% FIB retracement level of $0.136 as well. Thus, the bearish trend is strong and is expected to continue tomorrow as well.

 
 



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