Ravencoin Closes Above 200 MA and RSI Above 50
Ravencoin (RVN) has broken above its crucial resistance of the 200-day simple moving average, which has the potential to mark a change in the trend direction. Additionally, the daily chart shows a hidden bullish divergence between the price and the RSI oscillator, adding more confluence to the bullish case scenario.
200-Day Simple Moving Average
Since the start of the year, this is the second attempt for Ravencoin RVN's price to break above its 200-day Simple Moving Average (SMA).
The first attempt was right at the beginning of the year, but RVN's price failed to gain more traction above the 200-day SMA.
The area between $0.040 and $0.042 was a strong resistance that the bulls managed to overcome and now has the potential to turn into a new support level.
We're also starting to make higher highs, which is the very definition of an uptrend.
RSI Hidden Bullish Divergence
The possibility of a continuation above the 200-day Simple Moving Average is also supported by the Relative Strenght Index (RSI) hidden bullish divergence, which is a reversal signal.
The recent price action shows RVN printing higher lows while, at the same time, the RSI made a lower low near the $0.027 level.
The RVN's price needs to stay above its 200-day SMA for bullish momentum to continue. In this regard, any pullback into the $0.040 level needs to fail; otherwise, we may end up either resuming the downward trend or, at best, entering into a prolonged consolidation phase.
What is Ravencoin?
Ravencoin is a digital asset and blockchain platform that was created to facilitate the transfer of assets such as tokens, assets, and smart contracts.
The platform is built on a fork of the Bitcoin code and uses the UTXO model. Ravencoin also has a unique feature that allows users to create their own tokens. The Ravencoin network is fast, secure, and scalable.
