- Ravencoin surpassed its key resistance area at $0.013, which indicates it may now start a reversal in trend.
- RVN rose to $0.022 due to a solid 62% weekly growth and increased activity from investors.
- If RVN can hold above $0.020, a target of $0.035 is possible. However, in the short term, its prices may fluctuate significantly.
Ravencoin (RVN) has gained attention because its price recently increased sharply. According to Coinpedia Markets’ latest update, RVN surpassed the support level of $0.013 and now trades above importanttrend lines on the weekly chart.
Why it is Important for RVN to Break the $0.013 Line
Such breakouts like in this case with Ravencoin are significant to traders as they usually indicate that the trend may be moving upward after having been sideways or downward.
This previous week, RVN’s price climbed by 62% and peaked at $0.022. Coinpedia revealed that traders are becoming more engaged with the coin.
RVN’s price is shown on the chart in the Coinpedia post to have moved above the previous downward trend line. Many view this as a positive sign because it indicates that selling pressure has lessened, and its price could move in the upward direction.
Source: X @MarketCoinpedia
The analysis further states that continuing to stay above $0.020 in the future could see RVN aiming for the $0.035 level. Such a rise in price would indicate that the coin is back on track after many challenging months.
Ravencoin Pulls Back After Hitting $0.022: Signs of a Pullback?
Nevertheless, a look at more data on TradingView shows that RVN trades at around $0.0175. The price was almost 12% higher than the session before.
The chart also contains the RSI and MACD indicators as well, which point to strong momentum now, although some slight short-term weakening can be noticed.
Source: TradingView
Traders in the crypto market are observing to check if RVN’s price will continue to remain higher than the critical $0.020 threshold. Should this happen, it might try to reach the reported target of $0.035.
More buzz on social networks and positive signals from experts are making Ravencoin an interest to traders.
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