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The Ravencoin (RVN) price has been trading inside a descending wedge since October 27, 2019. We think that the price will decrease towards the support line of this wedge once more before a breakout eventually transpires.

Since reaching a high of 457 satoshis on December 8, 2019, the RVN price has been decreasing. Well-known trader @damskotrades outlined this RVN price chart stating that he believes it will move upwards, giving targets of

$RVN || $BTC Binance X @Altcointraders_

Still in our position with the fam.

Lower time frames starting to shape up slightly bullish.
Expecting a bigger move soon as it's lagging behind $THETA & $ENJ who already had a good move. pic.twitter.com/rUZiMx5Gad

— CryptoAmsterdam (@damskotrades) January 25, 2020

How likely is RVN to reach these targets? Keep reading below if you are interested in finding out.

The Ravencoin price has been trading inside a descending wedge since October 26, 2019. The top of the wedge and the main resistance area are found at 345 satoshis.

While the descending wedge is a bullish pattern, and the price is trading very close to the resistance line, a price breakout does not seem likely.

The price is trading below the 50- and 100-day moving averages (MA), which have previously made a bearish cross. RVN is facing very close resistance from the 50-day MA, which has begun to turn downward, a bearish development.

However, the longer-term price movement supports a breakout. The weekly RSI has been generating bullish divergence over the past seven months. Also, there is solid support at 280 satoshis.

This suggests a price increase towards the descending resistance line, which is currently near 400 satoshis.

Returning to the daily wedge, this suggests that a breakout will eventually occur. Still, the price might decrease and validate the support area once more before gearing up for another upward move.

A price breakdown below 280 satoshis would invalidate this possibility.

In the short-term, the Ravencoin price is trading in what looks like a symmetrical triangle.

Technical indicators suggest that the price will break down from this triangle. The short-term RSI generated bearish divergence and followed that up with a failure swing top and an RSI movement below 50.

This suggests that the price has begun to lose power, and we could see a breakdown soon. To mitigate the effects of this price breakdown, a stop loss could be set at 299 satoshis, with the aim of re-entering the trade at lower prices near 280 sats.

To conclude, the Ravencoin price has been trading inside a descending wedge for nearly three months. While we expect a breakout from this wedge, a short-term decrease seems likely to occur prior.

The post Ravencoin Has Reached Resistance, Will It Successfully Break Out? appeared first on BeInCrypto.

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