Ravencoin price is down by 8 per cent in today’s trading session. The drop, however, is not surprising when put into the context of what has been happening in the past few weeks. For starters, Ravencoin has been in a strong and aggressive bullish move for the past few weeks, which has seen its prices surge by 170 per cent in the past two weeks.
In yesterday’s trading session, we saw Ravencoin’s price surging by 44 per cent in the early hours of the trading session. However, as the session concluded, the prices started to come down, and Ravencoin closed the day with a gain of 31 per cent.
Therefore, today’s drop in price is a continuation of yesterday’s late session price drop. The drop is also a market correction after the recent strong and aggressive push to the upside has seen the value of Ravencoin surge by over 170 per cent.
Looking at the chart below, we can see the price action of the past two weeks has been aggressively bullish. Since the current push to the upside started, we can see the value of Ravencoin has gone up by over 170 per cent.
Therefore, despite today’s price drop, the long-term trend of Ravencoin is still a bullish trend. Using a Fibonacci retracement tool, the current price drop is at a 23 per cent (0.062) retracement level. There is a high likelihood that the prices may drop and hit the 38 per cent ($0.055) retracement level.
However, I expect the prices to recover and resume the bullish trend. There is a high likelihood that the next push to the upside will break the recent price high and possibly trade above the $0.075 price level and Possibly $0.1. My analysis will, however, be invalidated should Ravencoin drop below the 50 per cent (0.050) retracement level. At that point, it will be clear that we are in a bearish trend.
This post was last modified on Sep 13, 2022, 13:40 BST 13:40