Ravecoin is up by a percentage point in today’s trading session, and showing signs of a bullish trend throughout the day. Today’s price gains also look poised to erase yesterday’s losses of $1.3 per cent and possibly set new weekly price highs.
However, even with the likelihood of setting new price highs for the week, Ravencoin is still in a strong bearish move. For instance, in the month of April, the cryptocurrency has lost more than 30 per cent of its value. The drop has been a continuation of the 2022 bearish trend, where Ravencoin prices have dropped by 64 per cent from their yearly highs of $0.138 set on January 5, 2022.
Since the year started, Ravencoin has also been in a strong decline in the value of trades being carried out using the cryptocurrency. On January 4, 2022, Ravencoin recorded a trading volume of more than $497 million. However, since then the trading volume has continued to decrease with each passing week.
Today, the total trading volume for Ravencoin is $17 million, a far cry from what it was in January. Normally, when the trading volume of a cryptocurrency goes down, the prices also begin to go down. The low trading activity has impacted Ravencoin throughout the year, and if it does not improve, there is a high likelihood of further price declines.
The past few days have seen Ravencoin’s price hit the $0.046 support level. However, the prices have failed to break to the downside resulting in a bullish move. In today’s trading session, the bullish move is continuing after yesterday’s drop in the market.
However, looking at the daily chart below, Ravencoin is still in a strong bearish move. Therefore, the current bullish move may be temporary, and there is a likelihood of the prices reversing despite prices looking poised to wipe yesterday’s losses. Therefore, my Ravecoin price prediction expects the prices to resume the bearish move at some point during the day. There is also a high likelihood of the prices hitting the support level again. If the prices hit the $0.046 support level, then I expect a break to the downside, with a possible price level of $0.040.
This post was last modified on Apr 29, 2022, 10:45 BST 10:45