The Ravencoin value went parabolic on Friday as buyers 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 largest cryptocurrency on this planet.
Why is RVN hovering?
Ravencoin is a high 100 cryptocurrency that has a singular angle. It’s a Bitcoin crone that seeks to resolve a few of its largest 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.
Additional, whereas Bitcoin has a most provide restrict of 21 million, Ravencoin has over 11 billion, making it extra inexpensive than BTC. The price of Ravencoin transactions is considerably decrease than that of Bitcoin.
Ravencoin value is rising just because different cryptocurrency costs are rising as properly. For instance, BTC has risen to $23,970 and there’s a chance it can rise to over $25,000 within the subsequent few days. The overall 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 sluggish rate of interest hikes within the coming months as a result of the nation has moved to a recession. Information revealed on Thursday revealed that the nation’s financial system contracted by 0.9% within the second quarter after falling by 1.6% in Q1.
Additional, the RVN value is rising as buyers value in a state of affairs that cryptocurrency costs have bottomed.
Ravencoin value prediction
The four-hour chart reveals that the RVN value has continued rising up to now few days. It has jumped to the very best degree since Could this yr. On the similar time, Ravencoin has jumped above the 25-day and 50-day shifting averages whereas the Relative Energy Index has moved above the overbought degree.
Subsequently, the coin will seemingly proceed rising as bulls goal the following key resistance degree at $0.050. A drop beneath the assist degree at $0.035 will invalidate the bullish view.