Ravencoin Price Prediction: Is RVN good for long term pick?

• Ravencoin Price Prediction is mildly bearish for the short term but might turn bullish if certain conditions are met.
• In the recent downfall RVN Price hit a fresh yearly low.
• The Ravencoin Price trading below 200 day EMA shows downtrend. 

Ravencoin Price Prediction remains mildly bearish for the short term period. However, the price is near to crucial support and buyers are trying their best to reverse the trend. 

RVN crypto price fell 20% in the previous week and hit a fresh yearly low. The selling volume also surges but luckily the bears failed to give the follow through momentum. It shows the recent downfall is a speculative move and responsive buyers are active at lower levels. 

Ravencoin Price is trading below the 50 and 200 day EMA indicates short term as well as positional trend is in downward direction. The current price has gone far away from the 200 day EMA So, short term pull back is possible to test the EMA. 

However, till RVN Price trading below $0.03000 the sustainability of any minor bounce will be doubtful. 

Recently, Ravencoin Price broke down the crucial support at $0.02000 which disturbed the sentiment of investors and invited further decline. 

Ravencoin Price trading at $0.01709 with an intraday decline of -0.58%. The 24 hour volume to market cap is 2.59%. The RVN/BTC pair is trading at 0.00000064 with an intraday decline of -1.54%.

Is Ravencoin Price undervalued at current levels

Ravencoin Price performed well in the beginning of 2023 and rallied 105% approx from the lows. The momentum halted near $0.03800 and formed a shooting star candle. Later, RVN Price witnessed minor correction and slowly eroded the previous gains. 

From mid of March to the end of May, RVN Price consolidated in a narrow range and displayed signs of base formation. Sadly, In June Ravencoin Price slipped below the lower range and expanded downside. 

If the buyers regain the 50 day EMA then prices will return back to the previous range. However, if prices face rejection from EMA then bears will try to drag it further down to the multi-year year low.

RVN Price looks bearish on multiple time frame 

RVN Price fell for eight consecutive weeks and formed a bearish pattern on a multiple time frame. However, the recent downfall seems temporary and prices might again return back to the previous range. 

The MACD curve is reversing up and trying to generate a positive crossover. If the crossover happens then short term bullish momentum is possible. The RSI at 35 slope sideways denotes weakness but if price recovers then RSI may test neutral territory in the coming month.

Conclusion

Ravencoin Price Prediction remains bearish till price trade below $0.03000 level. However, RVN crypto price is near to the yearly low and buyers are trying to defend the support. 

The technical analysis suggests, RVN price is in downtrend and it seems risky for long term investment at current levels. 

Technical levels

Resistance levels: $0.03000 and $0.03500

Support levels: $0.01384 and $0.01000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.