During the past 4 weeks, RVN has seen almost nothing but green on its charts. After 2 months of sideways trading, RVN finally started to make significant gains, generating huge volume along to way to reach its current price of $0.039. Beginning the uptrend at just $0.01 on February 26, RVN has since gained almost 400% in just 1 month.
The RSI has been overextended for a while now, and currently sits at 75, indicating we will probably see some bearish action over the few next days, but it’s unlikely this will break the trend. Currently, there is resistance at $0.045 and support at $0.0299. This range is still relatively wide, and appears to be heading towards the formation of a tightening pattern unless significant events knock it off course.
On the chart above we can see the possible tightening pattern drawn using blue arrows. Ravencoin is still a fairly new cryptocurrency and the developers appear to be working hard, since updates and news are coming regularly. Further news may have a very significant effect on the outcome of the upcoming pattern, including whether it breaks up or down. Overall the uptrend is pretty strong and has good volume behind to support it.
The purpose of raven is to do one thing and one thing well: to help users create and manage tokens/ digital assets on a secure protocol.
These assets can include securities tokens/ digital securities as well as game tokens, rewards, cryptocurrency or whatever the creator chooses
— Project Raven / RVN / Ravencoin (@Ravencoin) March 20, 2019
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