RVN Technical Analysis: Correction Start and Critical Point of $0.093
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After the mystical disappearance of sellers from the crypto market in July, investors began to feel extremely positive. Uncorrected growth, which lasted almost 2 months, raised the RVN price by 200%. During this growth wave, trading volumes were high. However, they were smaller than the volumes with which buyers built a growth wave in the period from January to May.
Throughout August, buyers organized a consolidation near the global range of $0.135-$0.15. This range has played an important role in maintaining the trend of buyers in the past. It was after breaking the $0.135-$0.15 range that the RVN market fell by 77% and tested $0.0405. Wishing an uncorrected continuation of the RVN price buyers for 4 weeks confidently pushed the range of $0.135-$0.15, forming a consolidation in it.
Though, yesterday's Bitcoin fall by 18% in two hours forced RVN buyers to postpone the attack plan and move to defense. Almost 35% of sellers managed to lower the RVN coin price, thus starting the correction. The price almost reached the important level of $0.093. An unsuccessful attempt by buyers in May to take control of this mark allowed sellers to continue the fall wave. Given the aggressiveness of sellers on 7 September, we assume the probability of the fall continuation to the level of $0.093.
Technical Analysis Of RVN On The Daily Timeframe
Analyzing the RVN market on a daily timeframe, we believe that it is too early to talk about the beginning of a new wave of the apocalypse. Yes, yesterday's fall was quite painful for investors and reminded of the May mood. Although analyzing the RVN market volumes during August and September, significant aggression by sellers is imperceptible. If during the RVN price growth in May, we see high trading volumes, the local fall wave is formed at much smaller volumes. This fact confirms that investors are in no hurry to sell RVN massively.
Therefore, the global scenario of continued growth remains relevant. The worst-case scenario for the RVN market at the moment is the continuation of the fall and tamping of the bottom near the mark of $0.093. In this case, in a few weeks, buyers will be gaining positions for a new growth wave with a global target of $0.26.
The RVNBTC Price Continues To Be In Global Consolidation
The RVNBTC chart also speaks of such a negative scenario. As we can see in the weekly timeframe, the RVNBTC price has been moving in a consolidation triangle since the end of February. Most importantly, such consolidation can last until 1 December. Thus, we can not talk about a powerful growth wave in the RVN market in the near future. This coin still needs to be insisted on to become a good wine for the cryptocurrency market.