RVNUSD to Continue the Bearish Move

My Ravencoin price prediction expects the cryptocurrency to fall until it reaches the long-term support level of $0.045. I expect the prices to continue with the long-term bearish move after hiatus due to retracement.

Ravencoin Price History

Ravencoin has dropped by more than 60 percent since January 4th, when the cryptocurrency reached its all-time high of the calendar year 2022. After a small recovery, the cryptocurrency also started another push downwards on February 08, 2022, which has seen its prices drop to $0.056. Over the years the cryptocurrency prices have had numerous milestones, and below is a table with some of its price history milestones.

Ravecoin Price Prediction

Today’s trading session marks the third consecutive day that the Ravecoin price is dropping. The cryptocurrency has been on a downward trend since February 8, 2022, trading at $0.80. The Ravecoin price is trading at $0.056, a 30 percent decline today.

Looking at the Ravecoin daily chart, the prices have been recently set a new price low of $0.045. This low has not been broken since June 23, 2021, when prices traded below the support level for a short time before starting a bullish move.

The Fibonacci technical analysis tool on the Ravecoin daily chart shows that the prices have recently retraced to the 50 percent level. However, after failing to break to the upside, the retracement set another aggressive bearish move in motion. Based on this, I deduce that the prices of Ravecoin will continue to fall and may reach the $0.045 support level.

However, if the prices reverse and move past the 50 percent retracement level, my trade analysis will be invalidated. It will mean that Ravecoin is reversing the trend to the upside. Therefore, a bullish move will be the most probable trade opportunity if that happens.

Ravecoin Daily Chart