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Ravencoin is a forked version of Bitcoin which uses the same UTXO model of the main blockchain. Bitcoin provided a huge rally in the last two years, so many people expect a similar rally from Ravencoin. However, many experts think macroeconomic factors will play a vital role in the next few years.
The potential risk of a recession may result in an outflow from crypto markets. Moreover, Bitcoin is a superior and more popular crypto, so many people prefer BTC over RVN. Read our Ravencoin price prediction if you are interested in the coin. It will help you make the right decision for long-term investment.
At the time of writing this post, RVN was trading at around $0.04, which is a support for the short term. Based on the technical charts, we can assume a consolidation between $0.055 and $0.025. However, after hitting a recent high of $0.075, the momentum has changed.
Though RSI is above 45 and bullish, we think it is not an ideal time for short-term investment because it may not form higher highs this time. Ravencoin’s candlesticks are forming around the baseline of the Bollinger Bands, which indicates it may come down to the support of $0.023. You should wait for a few days to check the momentum before investing for the short term.
After a long downtrend, Ravencoin has taken support at around $0.02, and it has been trading within the upper half of the Bollinger Bands, which suggests bullishness for the long term. Moreover, candlesticks have formed a higher low at around $0.027, and they can form another higher low at around $0.034.
We think RVN is a risky investment for the long term because $0.075 is a strong resistance. You should only invest when it decisively breaks a crucial resistance level.