RVN Technical Analysis: Fibonacci Levels Forecasts 20% Uptrend

Key technical points: 

Past Performance of RVN

The RVN price shows a remarkable increase after testing the 50-day SMA at the $0.023 support level resulting in a bull run of 45% within the last 48 hours. The bull run exceeds the $0.030 level to reach the Fibonacci retracement level of 100% at $0.036. Additionally, the market value has increased by 66% in the last 16 days after a failed double top pattern.

Source- Tradingview

RVN Technical Analysis 

The RVN price chart shows the remarkable surge forming a bullish engulfing candle with the support of a spike in the intraday trading volume. Hence, the bugging pressure may shortly undermine the small wick formation in the daily candle to exceed the $0.040 horizontal level.

As the market price exceeds the 100-day SMA, the bullish influence over the 50-day SMA increases, which teaches a potential bullish reversal. Furthermore, the 200-day SMA becomes the next bearish milestone at $0.048, for which the buyers will have to propel the market price by 36%.

The RSI indicator displays a remarkable increase in underlying bullish sentiment as it exceeds the halfway line and overbought boundary within the last 48 hours. Moreover, the MACD and signal lines maintain a positive alignment as the bullish histograms resurface in the daily chart.

In a nutshell, the RVN Technical Analysis maintains a bullish bias but suggests traders be wary of the wick formation in the daily candle.

Upcoming Trend 

If the buying pressure helps the RVN prices break above the 100% Fibonacci level at $0.036, the market value will skyrocket and reach $0.044, coinciding with the 161.80% Fibonacci level. Conversely, a reversal from the $0.036 horizontal level might retest the bullish break out of the $0.030 psychological mark.

Resistance Levels: $0.036 and $0.044

Support Levels: $0.032 and $0.030