Ravencoin was probably the greatest performers final week, however the cryptocurrency has been underperforming over the past 24 hours.
RVN, the native coin of the Ravencoin blockchain, is without doubt one of the worst performers amongst the highest 100 cryptocurrencies by market cap. RVN is down by practically 20% within the final 24 hours.
The coin’s poor efficiency coincides with that of the broader cryptocurrency market. The crypto market has misplaced practically 4% within the final 24 hours, with the whole market cap now round $950 billion.
Bitcoin, the world’s main cryptocurrency, has misplaced greater than 2% of its worth thus far on Friday. Because of this, BTC is buying and selling under the $20k psychological stage as soon as once more.
Ether, the second-largest coin by market cap, has misplaced greater than 8% of its worth at present regardless of the Ethereum community efficiently migrating to a proof of stake mechanism roughly 24 hours in the past. ETH is buying and selling under $1,500 for the primary time in practically two weeks.
Ravencoin’s poor efficiency comes after the coin added practically 100% to its worth final week. It outperformed most cash as miners thought of it one of many main choices once they migrated from the Ethereum blockchain.
Key ranges to look at
The RVN/USD 4-hour chart stays constructive regardless of Ravencoin’s poor efficiency. Nevertheless, the technical indicators present that RVN is presently underperforming.
The MACD line is across the impartial zone and will quickly enter the detrimental zone if the bearish development continues.
The 14-day RSI of 42 reveals that RVN might enter the overbought area if the bears stay in cost.
At press time, RVN is buying and selling at $0.05222 per coin. If the bearish development continues, RVN might slip under the $0.04538 help stage earlier than the tip of the day.
An prolonged bearish efficiency over the weekend might see RVN wrestle to defend the $0.03609 help stage.
The place to purchase now
Binance is without doubt one of the largest cryptocurrency exchanges on the earth. It’s higher suited to extra skilled buyers and it gives numerous cryptocurrencies to select from, at over 600.
Binance can be recognized 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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