Jacob Bury
Ravencoin (RVN) crypto has gone parabolic today as the continued bullish momentum soars the price over 17% in the last 24 hours. Currently, the price of Ravencoin crypto is $0.0729 and according to Coinmarketcap has a market capital of $763 million.
When we analyzed this coin last week Ravencoin was just trading at a modest $0.0376. In the last few days we have seen a total price increase 95%. Can Ravencoin achieve the next technical target of $0.076? Ravencoin (RVN) is available to buy on Binance.
Cryptoassets are a highly volatile unregulated investment product.
Ravencoin Crypto Price Prediction 2022
Over the last few days Ravencoin (RVN) crypto has flashed green on multiple occasions and is starting to look extremely bullish. At the time of writing this article Ravencoin is trading within a bullish continuation pattern known as an ascending channel.
There is a good chance that Ravencoin might be on its way to make another impulse wave and make the leg up to the technical target of $0.076. However, first Ravencoin must break through a key resistance level of $0.0737 which it has faced rejection from 3 times already.
Typically, the more times a resistance level is retested the greater the chance that it will be broken through. If Ravencoin (RVN) can consolidate around these levels we could see another pump.
RVN/TetherUS – 4 Hour Time Frame.
As we can see, Ravencoin has been following a textbook chart pattern known as an ascending channel. Each time RVN has printed a swing-low it has perfectly bounced off of the support trendline accordingly at $0.043, $0.051 and $0.056.
The chart also demonstrates RVN bouncing off the 20-day moving average multiple times which reflects that Ravencoin is currently in a healthy and strong uptrend. Although, it is worth noting that a bearish diverge is forming on the 4 hour time frame due to the fast paced price action over the last few days.
We can also see that the two candles joining together on the resistance trendline have large wicks on their bodies. This tells us that there is a huge amount of resistance at the top of the ascending channel and a lot of selling pressure occurs at the higher price levels.
Ravencoin needs to break through the next resistance level of $0.0737 in order to see positive continuation up to $0.076. If the bulls can gather enough strength and push through these resistance levels the next target would bring RVN up to $0.08, a 12% price increase from current levels.
Should the bears push forward and take control Ravencoin must respect the $0.06 support level or face the consequences of coming back down to the low $0.05 price ranges.
Crypto Influencers Betting on Ravencoin
With Ravencoin being a top performer this week, many influencers are also closely analyzing the price action and begin to realize that RVN could have huge long-term potential. Holders are even beginning to speculate that buying Ravencoin is one of the best things you could possibly do during the crypto bear market. Perhaps this is rather just dubious speculation instead?
For those that are new to crypto and @Ravencoin specifically, things are just getting started. The small rally we’ve been seeing the past week is occurring during a bear market. You won’t believe the kind of things that happen when the #BTC bull market resumes.
— Rick 1984 ₿ (@RavenRickGrime1) September 10, 2022
Crypto bear markets provide a fantastic opportunity to accumulate many bluechip crypto projects whilst they are in their undervaluation phase. Ravencoin (RVN) has a market capital that is considered low, where we could potentially see a 10x by the next crypto bull run with enough strong protocol upgrades and traction from a marketing perspective.
Ravencoin Crypto Video Analysis
It is easy to get lost upon the sight of green candles and huge pumps. Personally, Ravencoin has already moved a tremendous amount over the last few weeks which could mean that the upside potential is now limited.
If you are looking to expose yourself to low market cap crypto gems which carry a higher risk but potentially massive reward, then you could always consider Tamadoge as an alternative to Ravencoin (RVN) crypto.
Tamadoge is an immersive play-to-earn meme coin which has raised a mind blowing $16,415,931 in just 6 weeks. It will hit the crypto markets for public sale around Q4 2022, holders are already anticipating massive upside for what may appear to be the future of meme coins.
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This article was written for Business 2 Community by Jacob Bury.
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