One of the star performing altcoins of 2018 — one of the only, really — was RavenCoin (RVN), and it has done pretty well in 2019, too. After blistering 7x early in the year, RVN has been cooling off since April; but lately, it has started what may be a new march up in price.
We start off with the weekly RVN/BTC chart, and see signs of a long term uptrend forming. Last week’s close was the first close above the 9-week exponential moving average (EMA), which hasn’t happened in quite a while. Volume is building very nicely, and RVN has already seen about 30% of gains from its regional bottom.
The MACD/histogram is also very promising on this high timeframe. The MACD is close to crossing bullish, at just about the same time the histogram looks to cross over into positive territory. This setup takes a long time to form on a weekly chart, and comes only very rarely — in fact, it’s the first time to be seen on the RavenCoin Bittrex chart.
The daily is just as glowing. We see growing strength on the RSI, with only a slight niggle from a possible bearish divergence. And on this latter point, we must remember Bitcoin’s dump and the violence it caused to almost every chart (Chainlink is perhaps unique here). RVN is holding the 55 EMA, having successfully retested it yesterday — although we should give it a few more days to feel more sure.
Histogram performance is good, with the bars all on the positive side of the chart, and the MACD already crossing over into the positive side of the range. If RVN stays bullish and consolidates between 384 sats and the 55 EMA, we could see a break of this market structure for a higher push.
Finally, turning to the 3-day USD pairing, we can clearly note the important price of $0.038, which RVN was putting pressure on a couple of weeks ago. The Bitcoin breakdown has hamstrung the progress on this chart, as on every other altcoin chart, but price was held neatly at support from earlier in the year.
And the indicators still look good: the MACD was hit but didn’t cross back down bullish, and ditto for the histogram. Both of these are showing nothing but open runway, with mostly buy volume building just as on the BTC chart.
The RavenCoin charts just look good, especially against Bitcoin. We have seen time and again RavenCoin’s ability to perform in the markets, and this growing strength should be watched.
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