Ravencoin prices have struggled in the entire month of April, dropping by more than 20. The last few days, however, are giving signs of Ravecoin recovery. This is after a six per cent price increase in the last four days. Today’s trading session is also looking poised to continue with the bullish trend.
The current uptick in Ravecoin prices coincides with the latest traction the cryptocurrency has gained in the market. In the past 24 hours, Ravecoin worth $20.9 million has been bought and sold. This is a 15 per cent uptick in the trading volume of the cryptocurrencies, which has likely translated to the price gains in today’s trading session.
However, even with the latest price gains of Ravencoin, it is important to note that the crypto is still in a long-term bearish move. The current bullish move also does not look to have been triggered by any fundamentals but rather likely due to an increase in trading volume.
Looking at the daily chart below, it is clear that the prices are coming from the $0.0783 resistance level. The prices have also been in an aggressive bearish move in the past few weeks. Today’s trading session also has prices trading at around $0.54. The session also looks poised to be a bullish day. The Williams Alligator indicator also shows the prices in an aggressive bearish move.
The chart also shows the prices have recently hit an ascending trendline, and the current bullish move may be a bounce from the trendline. In the past four days, the cryptocurrency has also had a price net gain of six per cent.
Considering all the above factors, it is highly likely that the current bullish move is not long-term. There is a very high likelihood of today’s trading session failing to make gains that can cover yesterday’s trading session price loss. Therefore, I expect the prices of the cryptocurrency to drop. It is also highly likely that the prices will be trading below the $0.05 psychological level in the coming days.
This post was last modified on %s = human-readable time difference 09:12