Ravencoin Could Make a Move Towards Range Highs [Premium Analysis]

At the time of writing, a possible breakout was in the making. However, due to the lack of volume, its dependability cannot be confirmed. Trader @CryptoMichNL stated that the RVN price has fallen again to the range lows at 300 satoshis. A move towards the range high would represent a slightly more than 50 percent increase — even if the price does not break out afterward.

$RVN #RAVENCOIN

Don't have much to say on this one.

All the way back to range low.

Everytime it breaks up with some volume, it provides a great opportunity.

Earlier this year even 550%.

Patience and an easy setup will follow. pic.twitter.com/vJXpaTpO71

— Michaël van de Poppe (@CryptoMichNL) December 30, 2019

Will RVN move towards its range high? Will it break out afterward? Keep reading below if you are interested in finding out.

RVN Trading Range

The 300 satoshi area has held significant importance throughout the RVN price’s history. It was the catalyst of two upward moves, in October 2018 and March 2019. The movements had a magnitude of 315 percent and 532 percent, respectively. The price again fell to the support area in August 2019 and has been trading there for roughly 154 days. Throughout this entire period, the RSI has generated strong bullish divergence. The significance of the divergence is strengthened since its upward sloping trend-line has held intact. This suggests that the price will likely make another upward move towards the range highs at 460 satoshis. A breakout above this area could trigger a rapid price increase similar to those of October 2018 or March 2019.

Descending Resistance

The RVN price has been correcting since December 8. Since December 11, the price had been following a descending resistance line. It is currently in the process of breaking out. However, the volume is still extremely low, making it impossible to confirm the movement. Additionally, while the RVN price is in the process of creating a daily bullish engulfing candlestick, it has yet to move above any significant daily moving averages. It is facing very close resistance from the 50-day one, and both the 100- and 200-day ones are below the range resistance at 460 satoshis. This reduces the possibility of an impulsive upward movement, rather suggesting that the move will be more gradual — since the price is likely to initiate some type of retracement once it reaches the MAs. To conclude, we expect the Ravencoin price to move towards the range high at 460 satoshis within the next few weeks. A possible breakout above this resistance area could cause the rate of increase to greatly accelerate.