- Ravencoin (RVN) is exhibiting bullish trends with a notable performance increase of 16.01% in the last month and 42.19% in three months, indicating a strong upward momentum.
- RVN’s recent price recovery from around $0.01500 and a 4.88% rise in the last intraday session to $0.02156 shows signs of a potential rally, aiming for higher price targets.
- The RVN crypto is positioned for further growth, with its next price goal set at $0.02500, provided it maintains its current momentum and stays above the critical $0.02000 support level.
Ravencoin is a P2P network that uses a blockchain to enable the efficient transfer of any kind of assets between parties. It is based on the Bitcoin code but with four major modifications.
Those modifications are a different reward schedule (5,000 RVN per block), a faster block time (one minute), a larger coin supply (21 billion, 1,000 times more than BTC), and a mining algorithm (KAWPOW, previously X16R and X16RV2) that aims to prevent mining centralization by ASICs.
The RVN crypto is the native cryptocurrency of the network and has to be destroyed to issue token assets on the Ravenchain. The assets can represent anything: physical objects like gold or euros, digital goods, and items, a stake in a project like stocks and bonds, loyalty points or an hour of someone’s work, etc.
The future versions of the Ravencoin protocol will include messaging and voting features. Ravencoin is a fork of Bitcoin, so it inherits its security and decentralization properties.
It basically uses a proof-of-work mining consensus algorithm called KAWPOW, which replaced X16R and X16RV2 on May 6, 2020. This algorithm is designed to be ASIC-resistant and secure.
The X16r algorithm group used initially had 16 different hashing algorithms for each mining block, but the order of their use was different for each block and depended on the very last 8 bytes of the hash of the previous block. It was supposed to make ASICs less competitive than CPUs and GPUs.
However, ASICs were eventually developed for it, and Ravencoin switched to a new algorithm, KAWPOW, which was a slightly modified version of ProgPow, which was itself an improvement of Ethash and was optimized for mining on GPUs.
This, along with the promise of fair distribution with no pre-mine, is intended to ensure that no one person or group can have enough hash power to launch a 51% attack or manipulate the market price.
Ravencoin Asset is Expressing Bullish Behavior on the Chart
The Ravencoin asset is expressing bullish behavior and has the opportunity to increase further. It has attained good performance in the last month by 16.01%, and by 42.19% in the last three months, implying a stable upward direction.
However, the RVN crypto has displayed a sign of revival as the price bounced back from a critical level of around $0.01500 on the charts.
The RVN crypto is poised for a spectacular rally, as it prepares to smash the resistance level and soar to new heights from the current support zone.
The Ravencoin asset is rising steadily and strongly as it remains above major EMA’s, indicating bullish strength.
RVN crypto asset is in a strong uptrend and the RSI shows no signs of overbought conditions, suggesting that the asset has more room to grow. Furthermore, on the last intraday session, it rose 4.88% with a current market price of $0.02156.
Therefore, if the demand for Ravencoin remains high, the asset price could bounce back from the current level. The next goal for the RVN coin price is to reach $0.02500.
However, if the RVN crypto price fails to stay above the $0.02000 level, it could decline further.
Summary
The Ravencoin asset is expressing bullish behavior and has the opportunity to increase further. It has attained good performance in the last month by 16.01%, and by 42.19% in the last three months, implying a stable upward direction.
However, the RVN crypto has displayed a sign of revival as the price bounced back from a critical level of around $0.01500 on the charts. It rose 4.88% with a current market price of $0.02156 on the last intraday session.
Therefore, if the demand for Ravencoin remains high, the asset price could bounce back from the current level. The next goal for the RVN coin price is to reach $0.02500.
Technical Levels
- Support Levels: $0.02000
- Resistance Levels: $0.02500
Disclaimer. In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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