Whereas the vast majority if cryptocurrency markets seem to indicate bullish momentum, there are always some exceptions to take note of. Contrary to what people expected, the Ravencoin price is noting some pretty big losses across the board. Holding on to the $0.057 level might not be as straightforward as initially assumed.
Ravencoin Price Starts Heading South
It is more than obvious most of the cryptocurrency markets follow Bitcoin’s price trend at all times. Some of the adverse markets can be worth keeping an eye on as well, but only if the trend works in their favor. For Ravencoin, that is not the case right now, as it is one of the few top 50 markets noting any net losses. In fact, the losses may continue to pile up over the coming hours.
To be more specific, the Ravencoin price dropped by 4.4% down to $0,057624. To make matters worse, there is also a 5.4% decline in RVN/BTC, as that ratio now sits at just 1,090 Satoshi. It is not impossible this ratio will continue to dip further and eventually test the 1,000 Satoshi level to find new support.
When it comes to the current Ravencoin momentum, the emotions are running wild on social media right now. Stanley would like this altcoin to “stop fucking with his emotions”. Getting emotional when trading cryptocurrencies is one of the key mistakes many people make. This is a cold hearted business, in good days and bad ones.
Low and slow….
— Stanley (@Stanley24821191) April 18, 2019
CryptoNail shares an interesting price chart for Ravencoin which might put some people’s concerns at ease. Although the altcoin is in a triangle pattern, for the time being, there isn’t much to prevent a breakout in either direction. It is more likely the market will continue to fall, but an uptrend can always occur when people least expect it.
We are in a nice triangle right now. We may break above this and touch our previous trending support now that will work as a resistance. In my opinion that is best case scenario for now. If we do not….we fall.#RVN #RavenCoin #BTC pic.twitter.com/9nBF0jTDi9
— CryptoNail (@CryptoNail) April 18, 2019
Snr_cr offers a bit of a different chart which seems to confirm the downtrend will remain in full effect for quite some time now. That is not necessarily what traders want to see, but the chart clearly depicts a descending channel which might prove very difficult to break out of. Especially with the weekend around the corner, things can easily go from bad to worse.
— SNR_Cr (@shobi_the_apple) April 18, 2019
All things considered, it is somewhat unfortunate to see Ravencoin fall victim to a downtrend while all other markets are seemingly thriving. That doesn’t mean all markets will turn bearish again overnight, but some altcoins will suffer from more pressure compared to others. As far as RVN is concerned, the coming days will be pretty interesting, regardless of where the market will head next.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.