With top altcoin ChainLink (LINK) currently melting faces, and Bitcoin (BTC) market dominance falling, it seems prudent to look around for other popular altcoins that might be next. RavenCoin (RVN) is one such altcoin that has proven itself to be a top performer in the markets, and indeed, currently looks set up for a breakout.
Starting on a huge 3-day RVN/BTC chart, we see almost the entire history of RVN’s chart (Bittrex). The main inflection area of the chart is around 400 sats, serving as the staging area for two massive rallies. Price is now pushing up precisely in this area, and volume has started to return after a clear period of consolidation at the chart's bottom.
Looking at the daily chart, we see more detail of this buildup of strength under the inflection area. After being rejected at the 55 exponential moving average (EMA) for several months, this level has finally been retaken.
On the RSI, we see a series of bull divergences, and a MACD that has crossed to the positive side. The histogram too is stuck on the positive side of the chart, although it is trending down slightly at present.
Finally, on the 12-hour chart, we see some qualifiers to the bullish picture. Price is trending up within a rising wedge pattern, generally bearish. This might mean that one more small breakdown is necessary before the likely break up.
We also see a bear divergence on the RSI; but here, this can perhaps be dismissed as an effect of the Bitcoin drop three weeks ago. This drop wrecked almost all altcoins’ charts, and here RVN is no exception. Without the drop, we likely would not be seeing such bear divergences.
There is no two ways about it: RavenCoin looks ready to break through its historical 400 sat wall. With ChainLink leading the pack, other Binance-hosted major altcoins have a good chance of following.
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