Ravencoin (RVN) may be in the process of making a genuine breakout to the upside.

Ravencoin (RVN) is breaking above a speed resistance line at 420. The next upside target could be 636. That is the location of another Fib speed resistance lines.

One of the reasons that we think Ravencoin (RVN) could go on a bullish rampage is that the "previous 4th" wave is up at 935. After a significant downtrend, Elliot Wave practitioners believe a market can rally back to the point where the big crash began. In Elliot jargon, this is called a rally to the "previous 4th." So, while wave counting is a highly subjective business, we believe the previous 4th is up at 935.

Ravencoin also makes sense fundamentally. Ravencoin (RVN) can help tokenize assets like real estate. To us, it's a matter of time before sophisticated institutional investors, and even banks, want to start trading tokenized versions of legacy assets.

Bottom Line: If there is ever a time to close your eyes and go with a rally in altcoins, Ravencoin (RVN) may be that opportunity.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.