RVN Technical Analysis: Price Jumps To Retest Zone Fallout

The RVN coin price jumps to retest the bearish breakout of the head and shoulder pattern in the daily chart. Therefore, a bearish continuation is possible. Ravencoin is a solution to the issue of the transfer of assets and trading through blockchain. Earlier, if a person was able to create something using the Bitcoin blockchain and it was destroyed, the asset could be destroyed accidentally by someone who traded the currency the asset was created with. As a fork of the Bitcoin algorithm, Ravencoin includes four fundamental changes: a modified issuance calendar (with the block rewards of up to 5,000 RVN) and block time cut to an hour, supply limited to 21 billion and an algorithm for mining (KAWPOW previously the X16R and X16RV2 respectively) is designed to limit that centralization that is caused due to ASIC hardware. Let us move ahead to read about RVN technical analysis. Past Performance of RVN The RVN coin price shows an increase in demand with a recent jump of up to 20% in the past week. The price jump comes after multiple long-tailed daily candles reflect a release of trapped momentum. However, the price jump might be the retest of the zone fallout at $0.08. RVN/USD Daily Chart RVN Technical Analysis The RVN coin price forms bullish engulfing candles with a jump of more than 10% in the past 48 hours. The reversal might be the retest of the head and shoulder pattern fallout in the daily chart. The crucial Simple Moving ave...