#RVN
RVN is also steadily making profits, so why is it falling? What are the reasons? See below
What is RVN
RVN is the token of Ravencoin, a cryptocurrency based on Bitcoin code. It is primarily used to facilitate asset tokenization and transfer, and serves as the network's native token for paying transaction fees, incentivizing miners, and facilitating asset creation and trading.
RVN Recent Decline Analysis:
1. Technical Analysis: Weak K-line, Support Levels Broken
Daily Chart: RVN/USDT broke below the key support of $0.012, MACD death cross downward, RSI entered the oversold zone (28.95), short-term bearish sentiment is strong.
Weekly Chart: Long-term downward channel since the 2021 ATH ($0.285), recent rebound encountered resistance at 0.02 and fell back, the 'dog village' is drawing lines (manipulation), retail investors are getting rekt.
2. Crypto Market Environment: BTC Volatility, Altcoins Bleeding
BTC is consolidating, funds are on the sidelines, altcoin liquidity is being drained, RVN, a small to medium market cap coin, is bearing the brunt.
The Fed is hawkish, risk assets are under pressure, the overall sentiment in the crypto market is "fear", insufficient buying the dip.
3. News & Sentiment: Negative News Stacked, Whales Dumping
Miner Selling Pressure: After the ETH merge in 2022, a large number of miners switched to mining RVN, and the hash rate surged by 541%, but the subsequent profit-taking caused the price to plummet.
Exchange Dynamics: Although Binance, Bitget, and Huobi have launched RVN contracts, the short-term benefits have been exhausted, triggering a futures shorting wave instead.
Historical Vulnerability Shadow: In 2020, RVN was hacked due to a code vulnerability, resulting in the issuance of an additional 300 million coins. Although it has been fixed, the market still has concerns about the project's security.
4. Future Prospects: Buy the Dip or Run?
Short Term: If BTC does not fall sharply, RVN may bottom out around $0.01, but a volume breakout above 0.015 is needed to confirm a reversal.
Long Term: RVN's asset tokenization narrative still has potential, but it is necessary to observe activity and development progress, otherwise it will be difficult to escape the fate of a "zombie coin."
Crypto Veteran Summary:
"RVN's wave belongs to the technical + sentiment double kill, don't rush to buy the dip in the short term, wait for BTC to stabilize before considering. If it falls below 0.01, it may test the historical low of $0.008, then see if the 'dog village' (market manipulators) will protect the price."
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