$RVN 📈 Advanced Technical Analysis on the Weekly Frame
The cryptocurrency market is currently witnessing a late stage of the bullish trend, as a strong bullish candle appeared on November 25, 2024, between 0.02585 and 0.02686, followed by a rise to a peak of 0.039 in early December. However, technical indicators are showing signs of a weakening bullish momentum. Let's review the most important points:
🔑 Key points of technical analysis
Moving Averages👈
The short-term moving average (0.02451) is above the long-term moving average (0.01956), supporting the bullish outlook in the near term.
MACD👈
The indicator's histogram shows a continuous decline, indicating a weakening bullish momentum.
Current Price Range👈
The price is currently ranging between 0.0194 and 0.023, with relative stability amidst the fluctuations.
📌 Important Levels
Major Support: 0.02🔸
If broken, it could lead to further price decline.
Major Resistance: 0.039🔸
Breaking this resistance could push the price to make new gains.
First Test Level: 0.023🔸
If the price fails to break this level, the trend is likely to turn bearish.
💡 Investor Advice
Careful Watch: Keep a close eye on the resistance level at 0.023 for early signals about the upcoming trend.