After an active growth wave, which buyers began in late July, the price rose by 200%. After showing good growth and stopping near the range of $0.13-$0.15, buyers felt a lack of strength and passed the initiative in the RVN market to sellers. In our previous analysis, we wrote that we expect the start of the correction with the final target of $0.093. Sellers managed to implement this scenario, lowering the price even lower. However, as we see in the weekly timeframe, the price has jumped quite aggressively from this mark:
Trading volumes during the 3-week fall of the RVN price are quite low. This fact points more to the correction of the previous growth wave than to the beginning of a new global fall wave. The RVN price is moving above the trend line of buyers, which they have been keeping confidently since December 2020.
Therefore, at the moment there is no reason for panic of long-term RVN investors. Given that this week’s trading volumes are still small, there is a probability of re-testing the critical point of $0.093. For complete certainty, it would be perfect if the RVN price closed at least around $0.12 at the end of the month. This will be a signal that the growth wave from July 2021 continues. And we are waiting for the local high update with a target of $0.248 and the final one of $0.34.
Technical Analysis of RVN on the Daily Timeframe
Analyzing the daily timeframe, you can see that the active phase of the local wave has ended. Buyers began to slow down the fall in the black channel. Now each subsequent local low is given to sellers more and more difficult. At the same time, trading volumes at local lows are increasing, which indicates that buyers are substituting their limit orders. These facts are perfect signs of a reversal. To fully confirm this forecast, buyers need to keep the mark of $0.093 during the next local correction of the RVN market. A false breakdown is allowed, but the daily candle should close above this mark. In this way, we will receive a signal of complete depletion of sellers and the beginning of a new growth wave.
The RVNBTC Chart Prospects Will Make Your Heart Beat Faster
The global picture of RVN price movements looks quite positive. After a strong wave of high RVN growth in February 2021, the market began a grueling consolidation in the triangle. Nevertheless, so far we do not see active sales by sellers. No aggression at the moment. It seems that buyers are gradually buying out the entire offer of sellers and preparing the way for a new bull run.
Our main scenario is the beginning of a new growth wave before the new year. The first target is 0.00000380 and the final is 0.00000531. Before such a growth wave, it is still possible to retest the global liquidity range in a few weeks. Though, looking at how actively the price jumped from the liquidity zone this week, sellers may not have enough strength for such a challenge.