RVN Technical Analysis: Will There Be A Continuation Of Consolidation?
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On the chart, we see that after two weeks of active growth of the RVN price sellers for six months lowered the price to the bottom line of consolidation. This cryptocurrency is characterized by sharp price rises. In addition, we see that updating local lows during the fall wave from November is starting to be a problem for sellers. Aggression to break the $0.055 mark is not enough.
Therefore, by closing the weekly candle above the $0.055 mark, buyers will have every chance to close the month of February with a hint of a reversal of the RVN market. Until we see an increase in the interest of market participants and an increase in trading volumes, we will expect the RVN price to continue to move within the consolidation range of $0.055-$0.14. Therefore, in the case of closing the weekly candle above $0.055, the first target for growth will be the middle consolidation line - $0.088, and the final target - $0.14.
Technical Analysis Of RVN On The Daily Timeframe
Analyzing the RVN price movement on the daily timeframe is still imperceptibly positive on the part of buyers. If the $0.055 test on 21 January took place at increased volumes and the price jumped - now sellers do not feel the danger at local lows. The trend curve is at a critical point and a strong impulse is possible from the current price range. In order for this momentum to start up, buyers need to take control of the local mark of $0.063. But, given how the RVN daily candle of 23 February is formed, the probability of such an impulse is low.
At the moment, we expect another fall wave with a possible breakdown of the range of $0.055. Whether this is a real breakdown or a false one will determine the next medium-term movement of the RVN price.
RVNBTC Price Before The Threat Of Collapse By 40%
In pair to Bitcoin, the RVN cryptocurrency doesn't look very appetizing. So, for the last 2 weeks the dynamics of RVNBTC fall has decreased. However, the price fell below the important range of 0.00000162. Twice this range has withstood the pressure of sellers. However, the third, rather weak wave of fall conquered the mark of 0.00000162.
Globally, we see a fall channel formed on the weekly timeframe. The lower trend line is 40% below the current price. If the price of BTC has not completed its correction and is preparing for the test of the mark of $30,000 - the probability of the test of the mark of 0.00000096 in the RVNBTC market is quite high. To stabilize the situation on the RVNBTC chart, buyers need to close the next weekly candle near the mark 0.00000186. Then there will be a chance for market reversal and growth with the first target of 0.00000236.