2020-2-7 00:33 |
On February 3, the Ravencoin price broke out from a descending wedge. It has been increasing since but has failed to break out above the 350 satoshi resistance area.
Ravencoin Price Highlights The RVN price has broken out from a descending wedge. There is resistance at 350 & 450 satoshis. The RSI suggests that a bullish trend has begun. The price is following a long-term descending resistance line.Technical analyst @LomahCrypto tweeted a Ravencoin price chart which shows that the price has moved above its 100-day moving average (MA) and is seemingly using it as support. He suggests that a breakout above 450 satoshis would greatly accelerate its rate of increase.
01 – Ravencoin
> Wicked onto the 100dMA
> Retesting support
> Above the weekly level ~450 and I think we'll see this really fly. pic.twitter.com/1UU9FqlYfS
— Loma (@LomahCrypto) February 6, 2020
Will RVN break out above 450 satoshis? If so, how long will it continue to increase? Keep reading below if you are interested in finding out.
Wedge BreakoutThe RVN price had been trading inside a descending wedge since October 23, 2019. The price broke out on February 3 and validated the breakout level as support shortly after.
However, the price has failed to move above the 350 satoshi resistance area, which has been providing resistance to the price.
The presence of moving averages (MAs) solidifies both the current resistance and support areas.
The RVN price has failed to move above the 200-day MA, which is at a similar level to the resistance line. On the other hand, the price moved above the 50-day MA during the breakout and the MA is very near the support area.
The daily RSI is bullish. It moved above the 50-line during the breakout, something it has not done since the descending wedge began. This indicates that the price will eventually be successful in moving above the resistance and head for new highs.
Long-Term MovementThe tweet states that a breakout above 450 satoshis would greatly accelerate the rate of increase. While this is definitely the case, since there is a strong resistance there, the price is also following a long-term descending resistance line since June 2019.
Therefore, a breakout above this resistance line which is currently at 400 satoshis could also do the same.
If successful in breaking out, which is expected, the price could rapidly increase all the way to 820 satoshis.
To conclude, the RVN price has broken out from a descending wedge. This could be the beginning of an upward move that eventually leads to a high of 820 satoshis.
The post Ravencoin’s Breakout Could Lead to a Massive Increase appeared first on BeInCrypto.
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