Is RavenCoin Ready for a Comeback? - Price Analysis

RavenCoin (RVN) has been one of the star performing altcoins for over a year now. Not only did it manage something like 700% from its bottom during 2019 (versus USD), but perhaps more impressively it also managed hundreds of percentage points of gains even during the brutal 2018 bear market - when just about nothing was doing well.

Now, after a few months of retracement from its March 2019 all time high, it seems appropriate to consider the current status of this promising altcoin.

We start on a 3-day RVN/BTC chart from Bittrex, probably the best chart available. The very obvious thing to note right away is the extremely depressed price. We can see that over 80% of price has been shed from the all time high, after a deep retracement.

An extensive retraceRVN chart by TradingView

Volume here is still mostly falling in general; and we can note that during the previous big season of retracement, from November 2018 to  February 2019, volume spent a long time being flat before price returned to the positive side. Price on this chart has not closed above the 13 exponential moving average (EMA) in a while.

Moving to the daily RVN/BTC chart, we absolutely see all the signs of a price consolidation that would precede a breakout. The basic pattern is a falling wedge, which is a bullish pattern implying a break up at the end of its cycle. The RSI is continuously diverging bullishly from price, and we also see an absence of hidden bearish divergence which would suggest (down)trend continuation. The MACD is steadily cycling up and is now quite near the positive side, and the histogram is consolidating into an apex. And referencing our previous statement about volume, the volume on this chart actually does look quite flat.

Consolidation & growing strengthRVN chart by TradingView

Price here is just about to slam into the baseline support of the entire chart, the same which previously propelled the altcoin out of a consolidation period. To be clear, there are no explicit signs that any overt buying interest is coming in. What’s more, the altcoin market continues to get smashed and overshadowed by Bitcoin, as Bitcoin dominance grows with impunity at the cost of altcoins like Ethereum (ETH).

Finally, having a look at the RVN/USD side, we see perhaps a less bullish picture, with no RSI divergences visible. Histogram is slowly coming back up after a very steep and extensive double bottom, and is ticking up toward the center. The MACD is very steep in negative territory, although it looks likely for an arc up soon.

USD chart not as compellingRVN chart by TradingView

Price itself also looks to be trending in a falling wedge pattern, and is about to run into thick support. Price on the USD chart is perhaps more erratic because of the effect of Bitcoin’s price on altcoins generally.

RavenCoin has proven itself to be popular, and has repeatedly pumped very hard ever since it was in the minor league on small exchanges. It could well have a new cycle coming.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.