Ravencoin Price Prediction: Is $0.078 Resistance Level Possible?

Summary:

Ravecoin price is seeing a recovery in today's trading session. This is after losing over 10 per cent in yesterday's trading session.

Ravecoin price is seeing a recovery in today’s trading session. This is after losing over 10 per cent in yesterday’s trading session. The cryptocurrency has also lost over 20 per cent in the past few days, a sign of how it has struggled in the market in recent weeks.

Ravencoin has struggled in 2022 after setting the yearly highs of 0.13 on January 4. Today, the prices are trading at 55 per cent below the yearly level and based on recent price action, and it is likely that the prices will drop further in the coming months. However, today’s trading session shows signs that the prices may be set bullish, which will likely result in prices trading at $0.078 in the coming days.

Ravencoin Price Prediction

The daily chart below shows the Ravecoin prices have recently hit the $0.07 resistance level and failed to breakout. The chart also shows the current trend of the cryptocurrency is bearish. However, today’s trading session has seen the prices gain more than five per cent of their value. Despite showing all the signs you would expect for a cryptocurrency looking poised to retest a support level, this is despite showing all the signs you would expect.

Looking at the technical indicators such as Williams Alligator and the RSI, Ravecoin’s recent price action begins to make sense. The Williams Alligator shows the prices are still on a bullish trend. However, the Alligator lines have been forming closely in the past few days, showing a possible reversal to the downside. The same price action is shown when the RSI indicator is observed. However, the RSi shows a strong push to the upside in today’s market.

Combining all these indicators and today’s price action, it is highly likely that Ravencoin prices will continue with the bullish move. Having gained over five per cent in the markets today, I expect the prices to continue rising. There is a high likelihood that the prices will hit the recent resistance level of $0.078 in the coming days.
However, if the prices fall below today’s opening prices of $0.059, my trade analysis will be invalidated. It will also likely mean that the bearish trend will continue.