The RVN/USDT pair has just been hit hard by a round of selling, as a renewed crypto market dump is presently ongoing. This dump has sent the price of Bitcoin closer to breaking the 29K price mark. This dump has triggered new Ravencoin price predictions, especially as it brings the bearish price pattern close to completion.
The RVN/USDT pair is down 4.11% on the day after paring some intraday losses that had seen the pair trade much lower. A look at the daily chart indicates that Ravencoin has been trading with progressively lower highs since attaining a recovery peak of 0.030365 on 30 May 2022. This price picture indicates a gradual waning of buying pressure, even though the support at 0.02624 has remained firm within this time frame.
Today’s intraday violation is the steepest that this support has had to withstand since then. A breakdown of this support will trigger new Ravencoin price predictions, with the price action set to dip below the $0.025 price mark.
In the absence of any bullish fundamental triggers, the Ravencoin price predictions will be determined by the outcome of the pattern on the 4-hour chart. This chart shows a descending triangle that is already on the verge of completion. A look at the 4-hour chart indicates the potential price targets drawn from the support and resistance levels of the last month.
Ravencoin Price Prediction
The intraday slide has violated the lower border of the descending triangle. This violation would assume breakdown proportions if the 3% penetration close below the 0.02624 support is achieved. This would open the door to a potential measured move that targets the 11 May low at 0.02222. However, intervening support at 0.02318 must give way for the price action to attain 0.02222.
On the other hand, the bulls need to force a break of the 0.02810 resistance (29 May high and 9 June high) to invalidate the pattern. This scenario would bring the 0.03035 resistance (25/31 May highs) into the picture as the next upside target. The 23 May 2022 high at 0.03164 becomes a new target to the north if the bulls uncap the 0.03035 resistance. An additional northbound target lies at 0.03333.