- Ravencoin looks to be on the verge of its next market cycle
- The current price action mirrors what we have seen in previous Ravencoin cycles
- The coin look s to be ending the accumulation phase
Ravencoin (RVN) could be about to enter a parabolic market cycle, according to our in-house analyst, CryptoDayTraders’ Will Gambit. The coin is displaying similar patterns that have led to its two previous pumps, and some analysis of those previous cycles can help us identify what to look for next.
Comparing 2018 and 2019 Ravencoin Pumps
RVN, like most other coins, has market cycles. These cycles are cyclical in nature, and as time progresses the pumps can become more pronounced or take longer to play out, but the overall pattern and structure stay the same.
RVN enjoyed its first major pump in October 2018 in time with its Binance listing, jumping from 277 to 1000 sats within a week, following a smaller test pump in the run up:
Note the downward trend, broken eventually at the former range low and followed by a steady progression along the reclaiming buy area before experiencing a green candle that kicked off the move to 1000 sats.
RVN spent the next five months drifting back down towards its prior levels, once more developing a clear downward trend and accumulation channel:
This accumulation was terminated with another big green candle which kicked off the next huge run in 2019, taking RVN to 1700 sats in the space of one month, an increase in both price and timescale.
Today’s Chart Showing Many Similarities
When we look at today’s RVN chart we can see definite similarities with the prior two pumps:
Once more we have the downward channel and some major accumulation, with almost a year’s worth of negative price action reflecting the size of the previous pump and the necessary recovery period.
However, crucially we have seen a definite breach of this downtrend in the past few days, with the price now hovering above the accumulation zone. I would now expect the price to test the reclaim buying area at around 280 sats. If it can hold above this area then I will be looking at the range top level to fall next, after which we can safely say that it has started its next market cycle, with the potential to match or even exceed the 1700 sat level set last year.
Something Brewing For Ravencoin
Given that we have already seen the pump duration expand from a week in 2018 to a month in 2019 we can expect the next market cycle to play out for a month or longer, but it is clear that, following a year of negative price action and accumulation that something big is brewing for Ravencoin.