OllieOwl

RVN/USD: A (Realistic) Bullish Analysis From a Macro Scale

Long
BINANCE:RVNUSD   Ravencoin / US Dollar (calculated by TradingView)
I can say with a high level of confidence that Ravencoin's (RVN) evaluation against the U.S. Dollar (USD) will make impressive moves for the remainder of this market cycle due to factors such as fundamental development with the project itself, prior price actions, and indicators such as the RSI .

With regards to fundamentals, RVN is expecting its first halving at Block 2,100,000. Although miners can expect to see their profit revenue be cut in half immediately following the halving (which may initially scare miners), I do believe such is crucial for RVN in the long term. The halving acts as a means of deflating a currency, and in the case of RVN, doing so will allow for the value of each coin to increase. As supply decreases, demand increases: a simple rule of economics.

Some pattern movements I've made on the RVN/USD chart also highlight that we are currently in the midst of an overall bullish uptrend. This trend is not the first though; however, it is unique in the sense that we can see overall lengthening trends in the market due to an increase in RVN's market capitalization. This means that moving RVN's overall price will become more difficult with time. This is why other ideas on this platform, claiming for a 10x, or even 100x, are far from likely.

However, I do believe RVN has plenty of fuel left in it to make major strides. For starters, RVN will likely test the 20-25¢ range before finally breaking above it. Considering the macro symmetrical ascending triangle forming on the weekly chart since June of this year, as well as prior rejections off this range, I do believe we can hold right above this range. Furthermore, prior bullish movements indicate the same pattern: bearish , rapid bullish , then a consolidation right above, or in, the range it previously had rejections off of. After this consolidation, another pump may lead to a blow-off top, which causes bleeding of the price from thereon.

Indicators such as the Relative Strength Index ( RSI ), which has proven to be reliable in the last few decades, show we are currently at levels where bounces often happen. With these bounces are upwards movements in price. Furthermore, being able to hold the twenty and twenty-one-week moving averages would make me only more bullish on RVN/USD's price in the short term.

While there are a plethora of other factors, albeit minor, that contribute to my overall bullish attitude of RVN, I do believe these three primary reasons can act as a foundation for the reason I feel how I do currently.

The largest threat against RVN is currently Bitcoin ( BTC ). However, statistical data has shown that Bitcoin performs strongly in Q4 and Q1, so it can be assumed that Bitcoin will continue on its own bullish uptrend, which, in turn, carries altcoins like RVN along with BTC .
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TL;DR: I am currently bullish on RVN's price possibility, and am investing in the project with the belief that it can achieve an impressive 35-40¢ price range. RSI , historical trends, technological developments, as well as many other factors, further emphasize the possibility of such prices and reinforce my beliefs about the project this market cycle.
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