Trade Recommendation: Ravencoin (RVN)

Ravencoin

Our May 26, 2019 trade recommendation for Ravencoin (RVN/BTC) hit its initial target. On June 2nd, the market climbed as high as 0.00000937. Those who followed the trade plan grew their investments by over 50% in less than two weeks.

While Ravencoin failed to capture our second target, the good news is that that we can long the market at a very attractive price level right now. Due to bitcoin’s parabolic rally, the retracement of Ravencoin has been deeper than expected. Fortunately, bulls were able to protect a crucial price area.

Technical analysis shows that RVN/BTC is respecting key support of 0.0000044. On June 26th, bears tried to take out that level but bulls mustered the strength to close the day above the support. Since then, the market has been trading above 0.0000044.

In addition, technical indicators are favoring the bulls. Ravencoin is oversold as evident by the daily RSI. This should provide selling respite that can help ignite a bounce. On top of that, volume is starting to show signs of life. This is a signal that buyers are returning at a key support level.

The strategy is to buy as close to 0.0000044 as possible. If bulls can keep the market from falling lower, they will likely generate a rally to our target of 0.0000064. Take that out and the next target is 0.0000085.

The process may take less than a month.

Daily Chart of Ravencoin/Bitcoin on Binance

Ravencoin crypto chart
As of this writing, the Ravencoin/Bitcoin pair is trading at 0.0000045 on Binance.

Summary of Strategy

Buy: 0.0000044
Targets: 0.0000064 and 0.0000085.
Stop: 0.0000042

 

Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.