RVNUSDT Market Overview: Volatile 24-Hour Session with Strong Bounce

Summary
• Price action showed a volatile session with a bullish bias, reaching a 24-hour high of $0.01095.
• Momentum indicators suggest a mixed outlook, with RSI indicating slight overbought conditions.
• Volume spiked sharply during key price surges, confirming bullish conviction.

Ravencoin/Tether (RVNUSDT) opened at $0.01023 on 2025-11-06 12:00 ET and closed at $0.01089 on 2025-11-07 12:00 ET, reaching a high of $0.01110 and a low of $0.01003. Total volume traded over 24 hours was 565.4 million RVN, with a notional turnover of $59.8 million.

The price action displayed a strong reversal from the session low, with a key bullish candle forming at $0.01074–$0.01095 after a brief pullback. This suggests a possible short-term support level forming around $0.0104–$0.0106 and a resistance near $0.0109–$0.0111. A morning doji at $0.01043 and an evening bullish engulfing pattern at $0.0106–$0.01095 signaled indecision followed by strong buyers.

Moving averages on the 15-minute chart showed price trading above the 20-period MA for much of the session, with the 50-period MA acting as a dynamic support. On the daily chart, RVNUSDT has crossed above both the 50 and 200-day MAs, suggesting a potential longer-term bullish setup.

RSI reached 68.5 near the peak, indicating overbought territory, while MACD showed a narrowing histogram and positive divergence, hinting at a possible consolidation or pullback. Volatility expanded significantly after 20:00 ET, with Bollinger Bands widening to 0.00012 range, and price hovering near the upper band for much of the session.

The 24-hour volume profile showed a clear correlation with price surges, with the largest volume spike occurring at $0.0108–$0.0111. Notional turnover was highest during the same period, confirming strong buying pressure. However, a divergence between volume and price during the pullback to $0.0104 suggests caution.

Fibonacci retracement levels from the key swing low at $0.01003 to the high at $0.01110 placed the 38.2% level at $0.01043 and the 61.8% at $0.01074. The price found support at the 61.8% level before rebounding sharply, reinforcing its relevance.

Looking ahead, a sustained close above $0.01095 may trigger a test of $0.01110–$0.01120, while a retest of $0.0104–$0.0106 could provide an entry opportunity for longs. However, bearish divergence in momentum suggests caution for aggressive long positions.

Backtest Hypothesis:
The backtest strategy involves entering long positions on a bullish engulfing pattern that occurs after price pulls back to the 61.8% Fibonacci level, with a stop-loss placed below the pattern’s low and a target at the upper Bollinger Band. Over the 24-hour period, such a setup occurred at $0.0106–$0.01095, with a 2.7% return if the target was hit. A similar setup could be tested over the next 24 hours as price consolidates near $0.0108–$0.01095.