RavenCoin recovered barely after Binance Pool help
The cryptocurrency trades in a descending trendline
RVN may fall additional, though technical indicators have barely improved
Ravencoin (RVN/USD) traded at $0.022 at press time after a slight correction. The cryptocurrency had developed some bullish indicators beforehand, leaping from a low of $0.020 to $0.025. The features got here on the again of constructive cryptocurrency news.
According to a November 23 announcement, Binance Pool is supporting RavenCoin. The RavenCoin mining service will use the PPS+ settlement, with the mining pool charges set at 1%. The help comes after September’s Ethereum merge fueled demand for the token. RavenCoin makes use of the proof-of-work consensus mechanism. Ethereum’s shift to the Proof-of-State consensus mechanism, due to this fact, fueled the demand for PoW tokens like RVN.
RavenCoin is itself a fork of Bitcoin, a PoW blockchain. The blockchain is a peer-to-peer community that lets customers create tokens for any property. The newest help by Binance Pool raises optimism that RVN may overcome a chronic drop. But how bullish is the cryptocurrency?
RVN on a descending channel as features fail to encourage a rally
Despite the current features, RVN is but to beat a steep descent that has been in place since September. The cryptocurrency trades on a descending trendline. It examined the higher sure of the trendline and is dealing with some resistance.
The MACD and RSI indicators are, nevertheless, constructive on RVN. The MACD line crossed above the sign line to recommend a bullish reversal. However, the indicator is nonetheless bearish. Similarly, the RSI recovered barely, however the studying stays beneath the midpoint.
Should you purchase RVN?
RavenCoin’s momentum may final for some time. If buying RVN, you have to be conscious that additional downsides are doable primarily based on the worth motion.
Where to purchase RVN
Binance
Binance is certainly one of the largest cryptocurrency exchanges in the world. It is higher suited to extra skilled traders and it presents numerous cryptocurrencies to select from, at over 600.
Binance is additionally identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, akin to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
Coingate
CoinGate is a Lithuanian-based fintech firm based in 2014. The cost gateway presents cryptocurrency cost processing companies for companies of any sizes. Permission-based account administration, fiat payouts to the checking account and model new e-mail billing characteristic are only a few explanation why CoinGate has turn into a go-to cost processor for a lot of.
