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RVN Technical Analysis: Will The Uptrend Propel RVN Above $0.050?

RVN Technical Analysis: Will The Uptrend Propel RVN Above $0.050?


Cryptoknowmics
2022-09-09 09:58:00
RVN Technical Analysis: Will The Uptrend Propel RVN Above $0.050?

RVN prices rise phenomenally with an increase in buying pressure to reach the $0.044 mark close to the 161.8% Fibonacci level. The RVN prices bounced from the 38.20% Fibonacci level to exceed the $0.40 mark, accounting for a jump of 57% last week. Moreover, the uptrend moving at a break-neck speed increases the possibility of market value exceeding the $0.050 mark. However, will the price sustain above the psychological mark, or will it re-route to the bearish highway? Key Points: The RVN price action displays a phenomenal increase in buying pressure. The technical indicators project an uptrend possibility above $0.050. The intraday trading volume in Ravencoin is $107 million. Source – TradingView RVN Technical Analysis The RVN prices failed to reach the 161.8% Fibonacci level, as mentioned in our previous article, due to the increased selling pressure. Taking a bearish reversal, the prices took support at the 38.20% Fibonacci level. Over the last week, the market value has inclined by 57%, with a boom in the trading volume supporting the uptrend to $0.050. Moreover, the market value finally reaches the 161.8% Fibonacci level with a bullish engulfing candle of 21%. If the buying pressure sustains, the RVN prices will exceed $0.050 to reach the 261.8% Fibonacci level at the $0.057 mark. However, if the prices take a bearish turnaround before reaching $0.050, sideline traders can expect a retest of the $0.040 break out. Technica...

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