Ravencoin price continues to paint a bullish picture even as analysts warn of an impending pullback, especially for the largest cryptocurrency Bitcoin. The ardent investor is aware that global markets are looking forward to the decision on interest rate hikes by the United States Federal Reserve (Fed) at the end of January.
Market watchers expect the regulator to keep increasing interest rates as a weapon against worrying inflation levels – a situation likely to stifle price recovery. Tokens like RVN have rallied extensively over the last three weeks, with Ravencoin price increasing by 16% in a week, 31% in 14 days – cumulatively bringing the 30-day growth in value to 44%.
Can Ravencoin Price Resume Rally To $0.07?
Ravencoin price is doddering at $0.0281 at the time of writing, although this follows a 2.5% retracement in 24 hours. Intriguingly, RVN’s trading volume from different markets is up 351% to $60 million, implying continued accumulation by investors. In other words, investors are concentration on stacking up RVN tokens ahead of an expected breakout that could reach $0.07 in a few weeks.
According to the daily time frame chart, Ravencoin price movement has been capped beneath a strong resistance highlighted by the 100-day Exponential Moving Average (EMA) (in purple) at $0.03 and in close proximity with the upper ceiling (resistance) of a falling trend channel.
A break and hold above that crucial hurdle is essential to the resumption Ravencoin price uptrend. Investors buying RVN are convinced a bullish breakout is the most likely outcome, considering a buy signal sustained by the Moving Average Convergence Divergence (MACD) indicator since early January.
However, traders should factor in the possibility of a challenging seller congestion at $0.04, which might delay the move to $0.07. Ravencoin price stalled within this range between end of July and early September in 2022 before splendidly exploding to $0.0773 on September 14.
On the flipside, declines may be arrested at the 100-day EMA (in blue) and the 50-day EMA (in red), holding the ground at $0.025 and $0.0236, respectively. In the event selling activities overwhelm the bulls, the market would acclimatize to Ravencoin price seeking refuge at the lower boundary of the falling trend channel. The primary support at $0.02 will also come in handy to prevent bears from wiping out all the gains made in January.
Ravencoin Price Levels to Watch in The Short-Term
Ravencoin price may plausibly close the gap to $0.07, however, the four-hour time frame chart reveals that investors may have to be patient. The token appears to be searching for support in the demand zone area, as illustrated on the chart in confluence with the 50-day EMA (in red).
Notice the rejection Ravencoin price suffered from the supply zone area, forcing the token to slide below the accelerated trendline. The buyer congestion above the 50-day EMA might supply Ravencoin price with the momentum to push beyond resistance between $0.03 and $0.032.
However, a sell signal from the MACD could make such an immediate recovery impossible as the indicator drops to the mean line. Traders who are yet to take short positions in RVM, may do so if the price slides below the 50-day EMA and target potential targets at the 100-day EMA (in blue) and the 200-day (EMA) currently in confluence with the main rising trendline at $0.024.
Ravencoin Alternatives to Consider
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