Market Overview for Ravencoin (RVNUSDT)

• Ravencoin (RVNUSDT) declined by 0.72% over the past 24 hours, closing at $0.01591 after reaching a high of $0.01659.
• A key resistance appears at $0.0163–$0.0165, with a potential short-term support level forming around $0.0158–$0.0160.
• Volume surged in the early morning hours before consolidating, signaling possible exhaustion in the bearish move.
• RSI indicates oversold conditions, suggesting a potential rebound, but momentum remains weak.
• Volatility expanded mid-session, with Bollinger Bands widening and price testing the lower band before stabilizing.

Ravencoin (RVNUSDT) opened at $0.01636 on July 21 at 12:00 ET and closed at $0.01591 on July 22 at the same time, reaching a high of $0.01659 and a low of $0.01562. Total volume for the 24-hour period was approximately 112.7 million RVN, with a notional turnover of $1.76 million.

Structure & Formations

Price action shows a bearish bias, with a key swing high forming at $0.01659 and a potential support zone emerging between $0.0158 and $0.0160. A bearish engulfing pattern formed during the overnight session, suggesting continued downward pressure. A doji formed near $0.01583, signaling indecision and a possible short-term reversal.

Moving Averages

On the 15-minute chart, price is below both the 20-period and 50-period moving averages, confirming the short-term bearish trend. On the daily chart, the 50-period MA appears to be acting as a resistance around $0.0162, with the 200-period MA offering a longer-term support at $0.0160.

MACD & RSI

The MACD crossed below the signal line during the early hours of the session, reinforcing bearish momentum. RSI has dipped into oversold territory, currently at ~28, which may hint at a potential short-term bounce, though without strong volume, a sustained reversal is unlikely.

Bollinger Bands

Bollinger Bands expanded during the early morning hours, with price testing the lower band before stabilizing. The narrowing of bands in the afternoon suggests a period of consolidation may follow, with a potential break below $0.01585 indicating further downside.

Volume & Turnover

Volume spiked sharply during the overnight and early morning hours, with the largest 15-minute candle recording over 10 million RVN traded. However, volume has since declined, indicating possible exhaustion in the bearish move. Notional turnover also peaked during the early session, showing a divergence from price action as the move continued.

Fibonacci Retracements

Fibonacci levels drawn from the recent high of $0.01659 to the low of $0.01562 show key retracement levels at $0.01617 (38.2%) and $0.01603 (23.6%). Price has bounced off the 61.8% level at $0.01589, suggesting this area could be a short-term floor.

RVNUSDT appears to be consolidating after a sharp bearish move, with key support and resistance levels in play. While technical indicators suggest a potential short-term rebound from oversold conditions, momentum remains weak, and further downside cannot be ruled out. Investors should monitor volume and RSI for signs of a reversal or continuation.