The Ravencoin value 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 stage this yr. Its complete market cap has risen to over $469 million, making it the one hundredth largest cryptocurrency on this planet.
Why is RVN hovering?
Ravencoin is a high 100 cryptocurrency that has a novel 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 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.
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 effectively. For instance, BTC has risen to $23,970 and there’s a risk it’s going to rise to over $25,000 within the subsequent few days. The entire 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 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 traders value in a state of affairs that cryptocurrency costs have bottomed.
Ravencoin value prediction
The four-hour chart exhibits that the RVN value has continued rising previously few days. It has jumped to the best stage since Could this yr. On the identical time, Ravencoin has jumped above the 25-day and 50-day shifting averages whereas the Relative Power Index has moved above the overbought stage.
Subsequently, the coin will doubtless proceed rising as bulls goal the following key resistance stage at $0.050. A drop beneath the assist stage at $0.035 will invalidate the bullish view.