RVN Technical Analysis: Price May Soon Breakout of the First Fibonacci Pivot Resistance Level of $0.068
Ravencoin is an open-source blockchain project hard-forked from the Bitcoin codebase. It facilitates peer-reviewed digital currency transactions and the implementation of use case-specific blockchains. RVN is the prime governance token of this ecosystem that facilitates the easy transfer of digital money among different entities. Let us look at the technical analysis for RVN.
On Jul 24, 2021, RVN opened at $0.057. On Jul 30, 2021, RVN closed at $0.066. Thus, in the past week, the price has increased by roughly 16%. In the last 24 hours, RVN has traded between $0.058-$0.069.
Day-Ahead and Tomorrow
Currently, RVN is trading at $0.068. The price has increased from the day’s opening price of $0.066. Thus, the market seems bullish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up further.
Currently, the RSI indicator is at 60%. It faced rejection at 64% and fell to the current level. However, buying pressures are still high. High buying activity will exert upward pressure on the RVN price.
However, the OBV indicator has gradually started rising. Thus, buying volumes are slowly overtaking selling volumes. Hence, the price may rise further. In a nutshell, all three indicators have given positive signals. RVN is known for its low mining fees, which pushes its adoption and thus the pricing.
RVN Technical Analysis
Currently, the price is above the Fibonacci pivot point of $0.064. The price may soon break out of the first Fibonacci pivot resistance level of $0.068. It may even surpass the subsequent resistance levels of $0.07 and $0.075, in a few hours.
The price has tested and risen above the 23.6% FIB retracement level of $0.066. It may break out of the 23.6% FIB extension level of $0.072 as well. As of now, the bulls are strong. Hence, we can expect the price uptrend to continue tomorrow as well.