Ravencoin (RVN) Has a Lot of Catching Up to Do

August 22, 2020   Ravencoin

 Despite the significant progress made by Ravencoin during the past 30 days - RVN gained 28% against USD - the altcoin still remains on the negative side when it comes to yearly gains: - 24% in the USD market; - 34.4% against Bitcoin, and -67% in comparison to Ethereum’s performance.

Regardless of that, RVN has been displaying a positive dynamics of price development ever since the COVID-19 market crash, although it was only last week that the altcoin had restored the pre-crisis value of $0.025. Ravencoin is one of the few cryptocurrencies related to decentralized finance (DeFi) - its network provides for the seamless peer-to-peer transfer and creation of digital assets - that hasn’t experienced an exponential price growth since the so-called DeFi craze had kicked into gears and ensured astronomical gains for some other altcoins.

This fact can be interpreted in two ways: either RVN has inherently weak fundamentals and just can’t cut it as a fully-fledged DeFi currency, or it bears a lot of upside potential that could get realized in the form of a massive pump later on.  

Is Ravencoin going to fly higher?

Judging from what we see on the weekly chart, RVN is indeed preparing itself for an explosive bull run. The bullish volume has been growing steadily during the past four weeks, which is a definite sign of the approaching breach of the resistance level at $0.028 that has been the level of strong price interaction for nearly a year.

1-week RVN/USDT chart

Besides, the key indicators on this time frame also reveal that Ravencoin might join the cohort of strong gainers any time soon.

  • Although MACD is still in the bear’s territory below 0, it is approaching the borderline with the utmost determination, with its lines going apart from each other as the indicator approaches the dividing line. This is the definite show of strength on the part of the buyers, which will only intensify once RVN goes past $0.028 and $0.03;
  • The 14-period RSI is in the middle of the neutral zone, aiming higher, which also demonstrates that the buyers are now in the driving seat and intend to push the price to the upside;
  • Most importantly, the Bollinger Bands have finally reversed to the upside after the futile attempt from the bears to knock down the price on July 13, depicted as a long-legged doji candlestick that formed on the back of a huge selling volume. Moreover, RVN appears to have begun to stretch out the Bands to the upside, which signals about the start of the period of high volatility with a bullish charge to it.

Having taken that into account, we predict that Ravencoin will easily go past the aforementioned resistance levels and travel all the way to $0.035, to match the peak of the previous bull rally, or possibly above $0.04 in one large swing, where it would establish the first higher high of the secondary uptrend.  

The situation on the daily time frame is equally bullish as RVN starts having another bullish impulse that might peak at $0.028.

1-day RVN/USDT chart

Therefore, RVN provides an opportunity to make a quick 8% long trade before the price makes a final retracement prior to encountering the resistance at $0.03.

Author: Alex Paulson for Crypto-Rating.com

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