The Ravencoin price went parabolic on Friday as traders cheer the hovering cryptocurrency costs. The RVN token rose to a excessive of $0.042, which was about 152% above the bottom degree this yr. Its whole market cap has risen to over $469 million, making it the one centesimal greatest cryptocurrency on the planet.
Why is RVN hovering?
Ravencoin is a high 100 cryptocurrency that has a distinctive angle. It is a Bitcoin crone that seeks to resolve a few of its greatest challenges. It was created utilizing the unique BTC code.
Ravencoin handles the challenges that Bitcoin has skilled up to now decade. For instance, it’s a extremely sooner cryptocurrency than BTC because it has a block reward time of 1 minute. Bitcoin has a block time of over 10 minutes.
Further, whereas Bitcoin has a most provide restrict of 21 million, Ravencoin has over 11 billion, making it extra reasonably priced than BTC. The value of Ravencoin transactions is considerably decrease than that of Bitcoin.
Ravencoin price is rising just because different cryptocurrency costs are rising as properly. For instance, BTC has risen to $23,970 and there’s a risk it should rise to over $25,000 within the subsequent few days. The whole market cap of all cryptocurrencies has jumped to over $1.14 trillion.
This efficiency is usually as a result of analysts imagine that the Federal Reserve will gradual rate of interest hikes within the coming months as a result of the nation has moved to a recession. Data revealed on Thursday revealed that the nation’s economic system contracted by 0.9% within the second quarter after falling by 1.6% in Q1.
Further, the RVN price is rising as traders price in a state of affairs that cryptocurrency costs have bottomed.
Ravencoin price prediction
The four-hour chart exhibits that the RVN price has continued rising up to now few days. It has jumped to the best degree since May this yr. At the identical time, Ravencoin has jumped above the 25-day and 50-day shifting averages whereas the Relative Strength Index has moved above the overbought degree.
Therefore, the coin will possible proceed rising as bulls goal the subsequent key resistance degree at $0.050. A drop beneath the help degree at $0.035 will invalidate the bullish view.
