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Ravencoin (RVN) has continued to post a downtrend. In the last 24 hours, RVN has dropped by 0.3% amid low volatility.
Ravencoin’s trading volumes have spiked 18% over the past day to over $4 million. The token was trading at $0.0153 when writing.
Ravencoin has been steadily declining, posting lower lows in recent months. In the last 30 days, RVN has dropped by 17%.
The market capitalization has also plunged significantly from the $217 million posted in mid-August to the current $181 million following the drastic price drop.
Despite the drop, the Ravencoin ecosystem has continued to garner interest from the community because of the unique offerings of the project.
Ravencoin literally has human readable assets built into the chain. That's insane. No smart contract needed.
Go to a block explorer and type LINKER and find my main asset. You can see everything I've minted! 💯🐦⬛⛏️ pic.twitter.com/OGGGZFELlS
— Linker (@ImLinker) August 24, 2023
Ravencoin Fails To Recover After Massive Plunge
Ravencoin has posted a bearish momentum in the past three months. On June 10, RVN posted an intraday low of $0.015 before steadily recovering in the subsequent weeks.
By July 1, RVN had rallied past $0.021, marking a three-month high for the token. RVN traded between $0.017 and $0.021 for the entire month of July.
Volatile price action returned from August 18, and the price has now dropped to a 90-day low of $0.14.
Ravencoin’s potential for an uptrend will largely be determined by how the broader market performs. In recent months, RVN’s uptrend or downtrend has mirrored the trend in the wider cryptocurrency market.
RVN is trading at a price 94% lower than the all-time high of $0.28 posted more than two years ago.
Ravencoin’s price action shows that bearish pressure has been behind the falling momentum in recent months. While the sellers might be exhausted, not much is happening in the Ravencoin ecosystem or the broader market that could drive gains.
Ravencoin Displays Falling Momentum
Ravencoin is exhibiting a bearish trend. The Relative Strength Index (RSI) is flat at 30, indicating that selling activity has cooled. However, buyers are still undecided on whether to re-enter the market.
The Awesome oscillator also shows falling momentum, proving that bears are in control.
The price is below the 50-day, 100-day, and 200-day Simple Moving Averages (SMAs), which also points towards a downtrend.
The trend will show signs of a reversal if the price crosses past the 50-day SMA at $0.017. Breaking past the 200-day SMA of $0.0223 will indicate that RVN is ready for bullish gains.
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