What Next for the RVN Coin?

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Raven­coin price has been in a strong bear­ish trend in the past few days as the recent momen­tum. The RVN coin crashed to a low of $0.040, which was the low­est lev­el since Sep­tem­ber 9 of this year. This price was about 48% below the high­est lev­el this year, giv­ing it a mar­ket cap of over $433 million.

Why is RVN crashing?

Raven­coin price is crash­ing as investors focus shift their atten­tion from the recent­ly con­clud­ed Ethereum Merge. This is a sharp rever­sal from what hap­pened recent­ly when the coin emerged as an alter­na­tive to Ethereum as it shift­ed into a proof-of-stake network.

There­fore, Raven­coin price is falling as investors take prof­it since the coin rose by more than 186% from the low­est lev­el in August. His­tor­i­cal­ly, finan­cial assets tend to have a strong pull­back after being in a major ral­ly for a while. Also, a sit­u­a­tion known as buy­ing the rumour and sell­ing the news happened.

Also, the retreat is in line with the ongo­ing cryp­tocur­ren­cy melt­down con­sid­er­ing that most coins dropped. Ethereum dropped to $1,300 while the total mar­ket cap of all cryp­tocur­ren­cies retreat­ed to over $910 billion.

Raven­coin price slipped as its hashrate sta­bi­lized. Accord­ing to 2Miners, Raven­coin has a hashrate of 18.30 TH/s, which is low­er than last week’s high of 22.63 TH/s. It has been mov­ing side­ways recent­ly, which is a rever­sal from the sharp ral­ly it expe­ri­enced in the past few days. A high­er hash rate is usu­al­ly a pos­i­tive sign that there is demand with­in the network.

Ravencoin price prediction

The four-hour chart shows that the RVN price has been in a strong bear­ish trend in the past few days. It has fall­en by almost 50% from the high­est lev­el last week. It has fall­en below all mov­ing aver­ages and dropped below the impor­tant sup­port at $0.042, which was the high­est lev­el on August 11. At the same time, the Rel­a­tive Strength Index has moved close to the over­sold level.

There­fore, the bear­ish trend will remain as long as it is below the 25-day and 50-day mov­ing aver­ages. If this hap­pens, the next ref­er­ence lev­el of the coin is at $0.034. A move above the resis­tance point at $0.045 will inval­i­date the bear­ish view.

Ravencoin price

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