RVN Tries To Find Support At $0.15 – A Dead Duck Or Just A Phase?

Ravencoin (RVN) has continued to submit a downtrend. Within the final 24 hours, RVN has dropped by 0.3% amid low volatility.

Ravencoin’s buying and selling volumes have spiked 18% over the previous day to over $4 million. The token was buying and selling at $0.0153 when writing.

Ravencoin has been steadily declining, posting decrease lows in latest months. Within the final 30 days, RVN has dropped by 17%.

The market capitalization has additionally plunged considerably from the $217 million posted in mid-August to the present $181 million following the drastic worth drop.

Regardless of the drop, the Ravencoin ecosystem has continued to garner curiosity from the group due to the distinctive choices of the venture.

Ravencoin actually has human readable belongings constructed into the chain. That is insane. No sensible contract wanted.

Go to a block explorer and sort LINKER and discover my primary asset. You’ll be able to see all the pieces I’ve minted! 💯🐦‍⬛⛏️ pic.twitter.com/OGGGZFELlS

— Linker (@ImLinker) August 24, 2023

Ravencoin Fails To Get better After Large Plunge

Ravencoin has posted a bearish momentum previously three months. On June 10, RVN posted an intraday low of $0.015 earlier than steadily recovering within the subsequent weeks.

By July 1, RVN had rallied previous $0.021, marking a three-month excessive for the token. RVN traded between $0.017 and $0.021 for the complete month of July.

Risky worth motion returned from August 18, and the worth has now dropped to a 90-day low of $0.14.

Ravencoin’s potential for an uptrend will largely be decided by how the broader market performs. In latest months, RVN’s uptrend or downtrend has mirrored the development within the wider cryptocurrency market.

RVN is buying and selling at a worth 94% decrease than the all-time excessive of $0.28 posted greater than two years in the past.

Ravencoin’s worth motion exhibits that bearish strain has been behind the falling momentum in latest months. Whereas the sellers is likely to be exhausted, not a lot is going on within the Ravencoin ecosystem or the broader market that would drive good points.

Ravencoin Shows Falling Momentum

Ravencoin is exhibiting a bearish development. The Relative Energy Index (RSI) is flat at 30, indicating that promoting exercise has cooled. Nevertheless, patrons are nonetheless undecided on whether or not to re-enter the market.

The Superior oscillator additionally exhibits falling momentum, proving that bears are in management.

The worth is under the 50-day, 100-day, and 200-day Easy Shifting Averages (SMAs), which additionally factors in the direction of a downtrend.

The development will present indicators of a reversal if the worth crosses previous the 50-day SMA at $0.017. Breaking previous the 200-day SMA of $0.0223 will point out that RVN is prepared for bullish good points.

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Launchpad XYZ is a cryptocurrency venture that provides all of the coaching a dealer must be profitable. It permits Web3 customers of any expertise degree to maximise their potential to make earnings.

The Launchpad XYZ presale is quick, garnering consideration. It has already raised greater than $1.46 million. 1 LPX is at present buying and selling at $0.0445.

The presale affords a 20% bonus to the merchants who purchase now. The bonus solely applies for a restricted time and is ready to finish quickly.

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