Is Ravencoin Headed To $1?

Hello and happy Tuesday! There is no better time to be involved in the blockchain world, as amazing companies are doing incredible things each and every day. The technological revolution we are witnessing is changing society forever. One of the names trying to be a part of the movement is Ravencoin. Rather than dig deeper into their features, which can be seen here, let’s dive into their technicals. Where is it now? Where is it headed? Could this be a life-changing investment? At the time of posting, $RVN is trading at ~$0.125, up 5% on the day. Below is an annotated daily chart of the coin, with each candle representing one trading day. Quite the pattern is shaping up for the $1.2 billion market cap coin. As we can see, the past several months have seen zig-zagging price action. This has resulted in higher lows and lower highs. Known as a wedge pattern, we cannot associate a higher likelihood of a breakout to the upside or downside exclusively off of the chart. We can, however, know that the move will be explosive. If we add some knowledge about the market, maybe we can draw some conclusions. Crypto has been on a tear recently — while altcoins have lagged, the entire market has far outperformed traditional equities over the past three months by a longshot. $RVN has been a laggard so far, but so too have several others’ in the $1 billion + market cap class. Given the heat of the market, the community behind $RVN, and use-cases increasing, I would lean towards the side of an upside breakout from the wedge. So, what does this mean? If $RVN can get above the recent high of $0.137, it will face the next resistance at the $0.167 pivot. Over that level, the $0.18 pivot will be the line in the sand for the bears. With enough volume during this move, getting over the summer highs paves the way for a push to ATHs of $.30. The path back over highs is simple, but it will not be easy. Bulls will have to hold the $0.0855 support level at all costs. Below that pivot opens the door to much lower lows. An increase in volume will be needed to get above highs — but maybe not as much as we think. Ravencoin is performing a halving in 68 days. The production rate of miners will be cut in half from thereon. There is a chance that the stars are aligning, and this catalyst will catapult $RVN over the levels mentioned. Ravencoin is entering a crucial period for its coin. Will this be the time where it makes its long-awaited move to $1? Time will tell, and I will be sure to cover it all along the way! Thank you for reading this edition of Token Tuesday! If you have any questions or feedback, please reach out to [email protected]. See you next week! 👋 Written and published by Samuel J. Sachs. Follow me on Twitter. Everything in this report is for informational purposes. Nothing in this report should be taken as financial advice or as an inducement to purchase or sell any security. Nothing in this market report should be used as legal advice. Always do your own research before making any decisions regarding financial transactions of securities.