Price Analysis

Ravencoin (RVN) Experiences a Massive Sell-Off Below $0.015

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Ravencoin—an open-source platform that supports crowdfunding, enables users to create and trade real-world assets on a network. RVN coin is a mineable asset of the market and is currently trading at $0.0142 with a negative bias against the US Dollar.

Ravencoin experiences a massive sell-off as it drops below 5-month high marked at $0.027 on the daily chart. The currency has been continuously losing since the 2nd week of the previous month and drawing a bearish crossover below $0.015.

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Ravencoin Price Analysis

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RVN/USD Chart By TradingView

Ravencoin, at the time of penning down this analysis, was trading at $0.0142, and with a massive sell-off over the past 4-5 weeks, it is breaching the lower band. With a gradual decline below $0.020 price area, the coin lost support from MA50 & MA200. After recording the YTD low during the major market crash in March, it drew an uptrend until it turned into a massive consolidation for approximately three months within a definite price range of $0.017 to $0.025.

However, the RVN coin is yet to regain the height attained at the onset of the year above $0.040. Ravencoin is one of the lucrative platforms amongst the top 100 cryptos of the market but is lacking intraday momentum at present. The MACD line intersects with the signal line to draw a bearish sentiment on the daily chart, and similarly, the RSI is seen sliding below the major support area at 30 and currently lies at 28.95.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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