Ravencoin Is Bearish: Is There Any Hope for RVN?

Ravencoin is dedicated to the peer-to-peer transfer of assets, and this decentralized blockchain is solely focused on privacy in asset transfer. Indeed, you can transfer assets on Bitcoin and Ethereum, but Ravencoin is specially dedicated to this asset transfer, and you will get more features and a better user experience on this platform.

RVN enables you to trade real-world digital assets on the network. It uses Bitcoin’s UTXO model and works as a Hard Fork of Bitcoin with better architecture. The asset transfer is not new in the market, but it currently has limitations, such as high costs and slow transactions.

Thus, Ravencoin comes with a solution. It is different from Bitcoin in many ways. Interestingly Ravencoin did not organize any initial coin offering; it started with a pre-mine.

RVN Price AnalysisAt the time of writing, RVN was trading around $0.054. The coin is consolidating between $0.076 and $0.044. That means the current RVN price is around the support level. You can invest and get a short-term gain, but we would not suggest you do this based on technical indicators.

The MACD line is trading below the Signal Line, indicating bearish momentum on the daily chart. RSI is 40 in the oversold zone. Moreover, the last few candles are forming in the lower range of the Bollinger Bands, so it is not a good time for short-term investment.

However, if you believe in a price pattern, it can be considered a consolidation period, and the RVN price may not break the crucial support level. Check out the Ravencoin price prediction to know when will the coin price turn bullish.

RVN Price ChartFrom the long-term view, RVN price is forming lower highs with a strong support level of $0.45, which means it is forming a triangle pattern. The coin may break a level on either side.

That is why we do not suggest you buy now for the long term because if it breaks on the lower side, it may fall further. Traders and investors must wait for trend confirmation.

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Jason Fleming is a passionate writer for finance and cryptocurrencies. He strongly believes that crypto will become a benchmark in use of money in near future. He is known for his excellent opinion articles of cryptocurrencies. He closely follows world's financial market of cryptocurrencies.

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