The Ravencoin price popped sharply on Tuesday as the network celebrated its four-year anniversary. RVN, its native token, is trading at $0.1167, which is 80% above the lowest level in December last year. It is still about 62% below the highest level on record.
Ravencoin is a decentralized cryptocurrency that was launched exactly four years ago by Bruce Fenton. He built the currency based on a code fork of Bitcoin and optimized it to become a better digital currency.
For example, while Bitcoin has a supply cap of 21 million coins, Ravencoin has a cap of 21 billion coins. It also has a faster block time than Bitcoin. While Bitcoin has a block time of about 10 minutes, Ravencoin takes about a minute. It is faster to mine than Bitcoin partly because of the different mining software known as KAWPAW.
It is unclear why the Ravencoin price is jumping today. A possible reason is that investors are cheering the fourth anniversary of the coin’s launch. Also, many others are excited about the upcoming halving event. Like Bitcoin, Ravencoin halves periodically, and this event will happen this month.
Like all cryptocurrencies, Ravecoin can be bought in most exchanges. It can be bought in non-custodial exchanges like Changelly and NowPayments. It can also be bought in custodial exchanges like OKEX, Upbit, and Binance. It cannot be bought in Coinbase and Gemini for now.
The daily chart shows that the RVN price has been in a strong bullish trend in the past few days. The Ravencoin price has moved slightly above the 25-day and 50-day moving averages while the MACD has moved slightly above the neutral level. It is also attempting to move above the key resistance at $0.1155.
Therefore, there is a likelihood that the pair will continue rising as bulls target the key resistance level at $0.15, which is about 30% above the current level. This view will be invalidated if the price moves below $0.10.
This post was last modified on Jan 04, 2022, 12:46 GMT 12:46