RVN Technical Analysis: Trend Took Support at $0.1052 and Moving Upwards Since Then

Ravencoin is a digital peer-to-peer (P2P) network that aims to implement a use case-specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. The Ravencoin (RVN) white paper was published by Bruce Fenton, Tron Black, and Joel Weight. As a fork of the Bitcoin code, Ravencoin features four key changes: modified issuance schedule, block time reduced to one minute, coin supply capped at 21 billion, and a mining algorithm intended to mitigate the centralization of mining caused by ASIC hardware.

Let us look at the technical analysis of RVN.

Past Performance of Ravencoin

RVN opened on 19 October 2021 at $0.106. The week witnessed a gradual increase in the prices. It closed on 25 October 2021 at $0.122. This was an overall change of 15.09%.

Source: https://www.tradingview.com/x/DtCWO5wR/

RVN Technical Analysis

The price chart shows that the trend took support on 19 and 20 October at $0.1052 after which it started moving upwards. It is still showing positive signals as the current trading price is $0.1227, which is 0.52% higher than yesterday’s close.

OBV is showing that the buying pressure is dominating the selling pressure. This is a bullish signal, meaning that the traders may take a long position.

RSI is currently at 62.78%. It is also moving in an uptrend, which is again a bullish signal. RVN traders may take a short position here. However, a correction in the price may be seen as the RSI approaches the overbought region at 70%

MACD is showing that the fast line and the slow line, both are moving in the positive direction. The histogram is showing bars of equal height, which means that the gap between the lines is constant. This is bullish again, which means traders may take a long position.

Day-Ahead and Tomorrow

Fib numbers show that the uptrend was started at the Fibonacci pivot point of $0.11. The trend price chart is currently at the fib level of $0.12.

Hence, all the indicators are showing bullish signals. This means that the traders may take a long position here. The target can be kept at $0.139 while keeping the stop-loss at $0.116.

   
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