📈 Weekly Technical Analysis: Ravencoin (RVN/USDT)
🧠 Main Pattern: Descending Triangle ⚠️
Ravencoin has been consolidating within a Descending Triangle since early 2021 — typically a bearish continuation pattern, but one that can lead to a massive trend reversal if the upper boundary is broken.
🟨 Key Accumulation Zone:
📍 Support Area: $0.01280 – $0.01080
This zone has been tested multiple times and has shown strong buyer defense since 2022.
📏 Dynamic Resistance:
📍 Downward sloping trendline from the 2021 peak — currently acting as major resistance.
🟢 Bullish Scenario: Breakout Ahead? 🌕🚀
If RVN breaks above the descending trendline (~$0.01903) and closes strongly on the weekly chart, we could see a major uptrend unfold.
🎯 Bullish Targets:
🪙 $0.03217 — Minor horizontal resistance
🪙 $0.05028 — Key psychological level
🪙 $0.12842 — Major historical resistance
🪙 $0.21221 — Long-term bullish target
🔍 Breakout Confirmation Checklist: ✅ Weekly candle close above resistance
✅ Strong volume spike
✅ RSI rebound from oversold territory
🔴 Bearish Scenario: Breakdown Warning ⚠️📉
If price fails to hold the support zone at $0.01280:
❌ First target: $0.01080
❌ Breakdown risk: $0.00712
❌ Breakdown from triangle may confirm long-term bearish continuation
🎯 Conclusion & Strategy:
📌 Price is nearing the apex of a multi-year compression pattern
📌 A breakout could lead to exponential upside potential
📌 Great setup for swing or position traders
📌 Wait for confirmed breakout with volume before entry
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.