Ravencoin price went parabolic on Friday as demand for the Bitcoin fork jumped. The RVN token rose to a high of $0.045, which was the highest point since July 30th of this year. It has surged by more than 156% from the lowest level in June, giving it a market cap of more than $397 million.
Ravencoin is a fast-growing cryptocurrency that has similar characteristics to Bitcoin. The coin was created from a fork of the original Bitcoin code. After this fork, the coin introduced new features like better block times, the number of total supply cap, and the addition of asset creation and messaging features. Ravencoin has a block reward time of one minute and a total supply cap of 21 billion coins.
As a result, analysts believe that Ravencoin is a better version of Bitcoin. It has faster speeds and substantially lower costs. Ravencoin price has bounced back as demand for the coin continues rising. It has also rallied after the growing mining activity a Ethereum miners seek alternative platforms.
As you know, Ethereum mining is becoming obsolete with the upcoming Ethereum merge event. For example, the Hiveon mining pool launched recently and soared up the ranks. Hiveon pool has a 0% fee till the end of 2022 to support former Ethereum miners.
The daily chart shows that the Ravencoin has been in a strong bullish trend in the past few weeks. The coin has soared from this month’s low of $0.0270 and reached a high of $0.0450. It has jumped above the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, there is a likelihood that the RVN price will continue rising as bulls wait for the upcoming merge. If this happens, the next level to watch will be at $0.050. A drop below the support at $0.041 will invalidate the bullish view.
This post was last modified on Sep 09, 2022, 09:15 BST 09:15