RAVEN’s price is trading just above its last line of defense on the daily timeframe. Presently, it is experiencing a 38% fall in value after facing rejection from the 100 EMA. The price will require substantial support from investors in order to make a profitable recovery. However, the long red wick of the candle suggests that the sellers are not willing to accept failure and that they might make a further attempt to take control back from the bulls. Despite attempting to defend the price above the support zone, bulls are yet to gain control over the token.
The current value of the RAVEN token is $0.0167 and it has a market cap of $211.32 Million.
A Significant Surge In Reddit Volume
Investors regarding the RAVEN tokens are witnessing a bullish increase. According to LunarCrush, a gain of 28.72% in total bullish sentiment has been observed.
Total Reddit volume has surged by 2.29% which suggests that the community is getting more engaged with the RAVEN coin across social media platforms. The 24-hour trading volume has appreciated by 38.2%, indicating that exchanges between buyers and sellers are on the rise.
Notable Reduction In The Total Value Locked Of RAVEN Token
The TVL of the RAVEN coin has declined significantly since 2022 , having undergone more than a 90% decline in its value. Presently, the current TVL of RAVEN is 10.42K with a change of 2.00% in the 24-hour volume.
Technical Analysis of RAVEN Price
The RSI line is presently attempting to break above 14 SMA. The RSI line is moving near 29.59 points and the 14 SMA is providing resistance to it at around 35.00 points.
The stochastic RSI is also following the trend closely. The %K line in Stochastic RSI is yet to give a positive interception to the %D line near the demand level.
Conclusion
The price of RAVEN is currently experiencing a 38% decline in value after facing rejection from the 100 EMA. Investors looking at the RAVEN tokens are witnessing an abrupt increase in bullish sentiments.
Technical levels
Support – $1.500 and $1.000
Resistance – $3000 and $2.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/13/raven-price-analysis-bulls-attempt-to-salvage-price/