Ravencoin (RVN) reached a low of $0.019 after breaking above a long-term horizontal support level and validating a longer-term ascending support line.
RVN has been declining since reaching an all-time high of $0.29 in February 2021. The downward movement is placed below a descending resistance line. Most recently, Rekha caused rejection on January 2022.
Later, RVN broke below the $0.048 area, which had previously acted as support since July 2021. This accelerated the rate of reduction and reached a May 2022 low of $0.019.
The ensuing bounce acted to validate a long-term ascending support line since March 2020.
Additionally, the weekly RSI gave a reading of 30, a level previously linked to the bottoms (green icon).
cryptocurrency trader @bitcoinmanbear1 Tweeted a chart from RVN that shows a very long symmetrical triangle. Both the resistance and support lines correspond to the lines drawn in the previous image.
long term channel
A look at the daily chart shows that the price has been trading inside a descending parallel channel since August 2021. Such channels usually have corrective movements, which means that an eventual breakdown would be expected from them.
The channel’s support line has been validated several times, most recently on May 12, 2022.
Even though descending parallel channels usually lead to a breakout, the price is still trading on its lower side, and the RSI is still below 50. Therefore, none of these readings suggest that a bullish reversal is about to take place.
short term RVN movement
Finally, the six-hour chart shows that RVN has been trading inside a symmetrical triangle since May 16. Although it is considered a neutral pattern, it is transpiring after an upward move. So, it is possible that this will lead to a breakout.
A potential breakout could take the price to $0.036 if it travels the full length of the triangle. But, due to mixed readings from the weekly and daily time frames, the direction of the trend cannot yet be determined with confidence.
be for[in]Latest Bitcoin (BTC) Analysis of Crypto, click here
![Is Bitcoin [BTC] doing enough to allure deeply-affected miners](https://files.ambcrypto.com/wp-content/uploads/2022/06/25152814/bitcoin-5896212_1280-1000x600.jpg)
