Ravencoin Technical Analysis: Will RVN Reach $1 in 2023?

• Ravencoin  (RVN) price is seeing a significant price decrease.
• The Ravencoin price is observing an increase of 14.46% in the last 7 days.
• The RVN market capitalization is $231125330.

Ravencoin (RVN) is currently trading at $0.01923229 with a decline of 1.02% in the last 24 hours. By evaluating the price data of the RVN coin, it is observed that it is in a downtrend currently. The price has inclined by 14.46% in the last seven days and we can say that Ravencoin performed well last week. From its peak price of $0.285218, it fell -93.21% in the last 2 years. The coin demolished the major investor’s wealth. The current market views are not good about the coin. No huge volume is present in RavenCoin. As of now, there is no buyer interested in buying Ravencoin. There is bearish dominance in the market.

Ravencoin (RVN) Technical Analysis

The price of Ravencoin (RVN) has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. If the sellers continue to push the price down, the coin’s value may fall even further in the upcoming week. The sellers are not in the mood to give power to buyers.

The technical indicator MACD is also in negative territory. The MACD line at -0.00013555 and the signal line at -0.00053124  is below the zero line, suggesting that the MACD is in negative territory and is giving bearish signals.

The current value of RSI is 54.21 points. The 14 SMA line is currently below the median line, around 44.71  points which shows bearish sentiment in the market. The bearish trend is indicated by the 14-day SMA line below the median line. As the price is in oversold territory, the market is experiencing bearish sentiment.

Trendline Analysis:

The price has respected its significant trendline support and is heading for resistance. When the price breaks the trendline, it will go to the next resistance and if it gets struck back by the resistance, then it will fall back to the recent support.

Volume Analysis:

Ravencoin (RVN)’s trading volume of 24 hours is $7300232, with a -68.90% increase in volume in the last 24 hours. Ravencoin’s volume has significantly decreased.

Technical Levels:

• Support – The current support level of RVN is $0.016.

• Resistance –The current resistance level of RVN is $0.023.

Conclusion

Ravencoin (RVN) is facing a tough time in the market. The price action shows that if the price breaks the recent support then it will go down more. RVN price shows a pessimistic condition at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about Ravencoin. Fear is developed among investors due to the bad performance of the coin. Ravencoin is not showing any recovery signs right now.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.