The Ravencoin price went parabolic on Friday as traders cheer the hovering cryptocurrency costs. The RVN token rose to a excessive of $0.042, which was about 152% above the bottom degree this 12 months. Its complete market cap has risen to over $469 million, making it the a centesimal greatest cryptocurrency on the earth.
Why is RVN hovering?
Ravencoin is a high 100 cryptocurrency that has a distinctive angle. It is a Bitcoin crone that seeks to unravel a few of its greatest challenges. It was created utilizing the unique BTC code.
Ravencoin handles the challenges that Bitcoin has skilled previously decade. For instance, it’s a extremely quicker cryptocurrency than BTC because it has a block reward time of 1 minute. Bitcoin has a block time of over 10 minutes.
Further, whereas Bitcoin has a most provide restrict of 21 million, Ravencoin has over 11 billion, making it extra inexpensive than BTC. The value of Ravencoin transactions is considerably decrease than that of Bitcoin.
Ravencoin price 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 should rise to over $25,000 within the subsequent few days. The complete market cap of all cryptocurrencies has jumped to over $1.14 trillion.
This efficiency is usually as a result of analysts consider that the Federal Reserve will gradual rate of interest hikes within the coming months as a result of the nation has moved to a recession. Data printed on Thursday revealed that the nation’s financial system contracted by 0.9% within the second quarter after falling by 1.6% in Q1.
Further, the RVN price is rising as traders price in a state of affairs that cryptocurrency costs have bottomed.
Ravencoin price prediction
The four-hour chart exhibits that the RVN price has continued rising previously few days. It has jumped to the best degree since May this 12 months. At the identical time, Ravencoin has jumped above the 25-day and 50-day transferring averages whereas the Relative Strength Index has moved above the overbought degree.
Therefore, the coin will seemingly proceed rising as bulls goal the following key resistance degree at $0.050. A drop beneath the help degree at $0.035 will invalidate the bullish view.