Our Ravencoin price prediction has flipped bearish due to the change in market structure and broader market sentiment. The ongoing slump in Bitcoin price has sent most of the cryptocurrencies into a downward spiral. RVN price tagged the low of $0.0197 as Bitcoin price plummeted to record lows last week. The seven consecutive red weekly candles by Bitcoin price have triggered a wave of profound fear in the market. Most of the investors are selling riskier altcoins like Ravencoin and moving towards safer bets.
At the time of writing, Ravencoin price is trading at $0.03 which is 89% below its February 2021 all-time high of $0.285. RVN crypto price chart shows that the downtrend intensified when the price broke below the $0.05 support.
Ravencoin is a code fork of the pioneering cryptocurrency Bitcoin. Therefore, it has a Proof-of-Work architecture and can also be mined. The project had a fair launch and new coins are minted via Ravencoin mining.
As per Ravencoin news today, it is one of the top 150 cryptocurrencies boasting a market cap of $325 million. If you’re googling ‘where to buy Ravencoin’ then the best place to buy is Binance Exchange.
Technical analysis of RVN USD price chart suggests that the bears have more gas in their tanks. If the price closes below last week’s low of $0.0197 then the prices are likely to dip below $0.01. This would be a nightmare for the bulls as it would be a 66% price decrease from the current level.
Any bullish Ravencoin price prediction seems to be a far cry at this point as the coin is fighting for its survival. It is significant to mention here that Ravencoin doesn’t have smart contracts and the sole purpose of its blockchain is the asset transfers. Due to this reason, Ravencoin has much less network activity than other blockchains.
This post was last modified on May 19, 2022, 19:19 BST 19:19