RavenCoin recovered barely after Binance Pool help
The cryptocurrency trades in a descending trendline
RVN might fall additional, though technical indicators have barely improved
Ravencoin (RVN/USD) traded at $0.022 at press time after a slight correction. The cryptocurrency had developed some bullish indicators beforehand, leaping from a low of $0.020 to $0.025. The positive factors got here on the again of constructive cryptocurrency news.
In response to a November 23 announcement, Binance Pool is supporting RavenCoin. The RavenCoin mining service will use the PPS+ settlement, with the mining pool charges set at 1%. The help comes after September’s Ethereum merge fueled demand for the token. RavenCoin makes use of the proof-of-work consensus mechanism. Ethereum’s shift to the Proof-of-State consensus mechanism, due to this fact, fueled the demand for PoW tokens like RVN.
RavenCoin is itself a fork of Bitcoin, a PoW blockchain. The blockchain is a peer-to-peer community that lets customers create tokens for any property. The newest help by Binance Pool raises optimism that RVN might overcome a chronic drop. However how bullish is the cryptocurrency?
RVN on a descending channel as positive factors fail to encourage a rally
Regardless of the current positive factors, RVN is but to beat a steep descent that has been in place since September. The cryptocurrency trades on a descending trendline. It examined the higher sure of the trendline and is going through some resistance.
The MACD and RSI indicators are, nevertheless, constructive on RVN. The MACD line crossed above the sign line to counsel a bullish reversal. Nonetheless, the indicator continues to be bearish. Equally, the RSI recovered barely, however the studying stays beneath the midpoint.
Must you purchase RVN?
RavenCoin’s momentum might final for some time. If buying RVN, you have to be conscious that additional downsides are potential primarily based on the worth motion.
The place to purchase RVN
Binance is without doubt one of the largest cryptocurrency exchanges on this planet. It’s higher suited to extra skilled buyers and it presents numerous cryptocurrencies to select from, at over 600.
Binance can also be identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, comparable to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
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