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.

Technical Indicators

The daily-RSI slope spikes within the nearly overbought zone to exceed the 70% boundary reflecting a phenomenal increase in the underlying buying pressure. The fast and slow lines spread after the recent bullish crossover and cross above the zero line with the rising bullish histograms. Hence the technical indicators display an improvement in the underlying sentiments projecting a potential trend in RVN prices to reach the $0.050 mark. Resistance Levels — $0.050 and $0.057 Support Levels — $0.040 and $0.036

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