#RVN
The chart shows a significant bullish move, with RVN/USDT up +16.58% in the last period, closing at $0.01526.
Price has broken out of a consolidation range, with the current candle showing a strong upward move and high volume.
The recent low at $0.00985 acts as a key support, while the current price is approaching a previous resistance zone near $0.01600–$0.01800.
The RSI is at 84.81, indicating the market is currently in overbought territory.
Fibonacci Analysis:
Without exact swing high and low prices, an approximate Fibonacci retracement can be drawn from the recent swing high (~$0.03270) to the swing low ($0.00985).
Key Fibonacci levels to watch:
0.236: ~$0.01500
0.382: ~$0.01800
0.5: ~$0.02125
0.618: ~$0.02450
Bullish Scenario:
If price sustains above $0.01500 (0.236 Fib), the next resistance is around $0.01800 (0.382 Fib).
A break and close above $0.01800 could open the path toward $0.02125 (0.5 Fib) in the coming days.
Bearish Scenario:
If the price fails to hold above $0.01500, expect a potential pullback toward $0.01290 (recent breakout level) or even $0.01100.
Actionable Insights:
If holding long positions: Consider taking partial profit near $0.01600–$0.01800, as this is a key resistance and the RSI is overbought.
If looking to enter: Wait for a pullback toward $0.01300–$0.01400 for a better risk/reward entry, with a stop below $0.01200.
If price breaks and holds above $0.01800: Look for continuation toward $0.02125, but monitor volume and RSI for signs of exhaustion.
