Market Overview: RVNUSDT – 24-Hour Price Action and Volatility

Summary
• Price drifted lower overnight but found support near 0.0075, forming a bullish inside bar near the 24-hour low.
• RSI indicates oversold conditions, suggesting a potential short-term rebound is possible.
• Late-day selling pressure increased, with turnover surging as price approached critical support.
• MACD remains in negative territory, with a weak bearish crossover confirming ongoing downward momentum.
• Bollinger Bands tightened earlier in the session, only to widen as price broke lower toward the lower band.

Ravencoin/Tether (RVNUSDT) opened at 0.0077 at 12:00 ET – 1, reached a high of 0.00773, and a low of 0.00748, closing at 0.00757 at 12:00 ET. Total volume was 13.43 million RVN, with a notional turnover of approximately $101,300.

Structure and Candlestick Formations

Price action showed bearish continuation after forming an inside bar near support at 0.0075. A long lower wick appeared near the 24-hour low, suggesting short-term buyers intervened, but the failure to close above key resistance suggests further consolidation below 0.0076 could follow.

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Moving Averages and Momentum

On the 5-minute chart, price fell below both 20 and 50-period SMAs, indicating short-term bearish bias. The daily chart shows price near its 50-period SMA, with the 100- and 200-day lines acting as a floor below 0.0075. MACD confirmed a bearish crossover, reinforcing downward momentum.

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Volatility and Bollinger Bands

Bollinger Bands constricted in the early hours, signaling a potential breakout. Price broke below the lower band as volatility expanded, showing strong selling pressure. This suggests traders should monitor for a retest of the lower band as a potential short-term support.

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Volume and Turnover

Turnover surged in the early morning session as price approached 0.0075, indicating aggressive selling. Volume and turnover aligned with price declines, supporting the bearish move. A divergence in volume may be needed for a reversal signal, but for now, the move lower appears confirmed.

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Fibonacci Retracements

A key 50% retracement level of the overnight rally was tested and rejected near 0.0076. Price has since fallen to the 61.8% level at 0.0075, suggesting further support may be found here. A break below this level could target the next Fibonacci level near 0.00745.

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RVNUSDT appears to have entered a consolidation phase after the overnight breakdown. While RSI suggests oversold conditions, the bearish momentum from the MACD and price action remains strong. Traders may watch for a bounce near 0.00757 but should remain cautious, as a break below 0.00748 could trigger renewed downward movement.