The RVN coin price jumps 60% and is currently retesting the bullish breakout of $0.122 with hopes to continue the rally to reach $0.21. Ravencoin is a peer-to peer ( P2P) network that is aiming to create a specific use-case blockchain designed to deal with the task of moving assets between one person to another. Let us move ahead to read about the Ravencoin technical analysis. Past Performance of RVN With the rise in demand on December 21st from the support level at $0.080, RVN coin price showcased a bullish rally. The price jumped more than 60% in the past two weeks. And, the 22% jump on January 4th resulted in the breakout of the resistance zone at $0.122 with a long bullish engulfing candlestick. Currently, the price retests the bullish breakout with high hopes of continuing the rally. RVN/USD Daily Chart RVN Technical Analysis The RVN coin price shows a rally in the daily chart and breaks above the long-coming resistance. Currently, the retest of $0.122 will decide the future trend but with a 250% rise in trading volume, a bullish continuation is most likely. The RSI indicator at 66% shows a rocky movement in slope near the overbought boundary. The slope finds constant support from the 14 days SMA maintaining an uptrend. And, the slope shows no sign of divergence in the uptrend indicating little to no weakness in bullish powers. The MACD indicator shows the MACD and signal lines breaking above the zero line in the daily chart with the gap between the lines increasing. Moreover, the rising trend in the histogram indicates a post-retest uptrend continuation. Upcoming Trend The RVN technical analysis shows the price action combined with the technical indicators, which hints at a bullish continuation after the retest. Therefore, the retest of the resistance zone at $0.122 will bring an excellent entry point with minimum risk. The important resistance levels that will influence the rally are $0.15 and $0.21. Despite the high hopes for a bullish rally, traders need to know about the support levels at $0.10 and $0.080.
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