Looking closely at the chart of Raven ( RVNBTC ), we some potentially bullish developments.
RVNBTC has broken out above it's 21-day moving average. It is also holding above the 21-DMA. The 21-DMA is a major moving average because it is usually a sign of the strength of a trend. Right now, RVNBTC is spending more time above its 21-day moving average than it has in quite some time.
We also see that RVNBTC has broken out from, and successfully retested, a large downward sloping wedge . Even though it's a bit counterintuitive, a downward sloping wedge at the bottom of a down move can be bullish . Here's the logic behind it: The downward sloping wedge represents bears continually trying to hold the market down. In this case, the wedge was likely created by non-stop capitulation in the alt market. Then, when the market pops up through the top of the wedge , as RVNBTC has, the market rallies sharply as bears who pressed it lower for a long time get squeezed out by a flood of new longs.
We also like what we see from the Parabolic SaR indicator. This indicator helps you know when a new trend is beginning or ending. It is shown on the graph as small dots. Currently, this indicator is flashing bullish , which increases our confidence.
Bottom Line: If RVNBTC can help in the tokenization of assets, it may have a future. The chart picture seems to have turned positive, making this an altcoin you can enter into a small long position.
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/.