The price performance of Ravencoin (RVN) It came as a surprise to any type of cryptocurrency trader as the cryptocurrency broke through all existing resistance levels and showed a 50% price increase in just two days. Aside from the extreme price surge, the cryptocurrency was fundamentally unchanged in recent weeks.
The first reason behind the impressive 50% rally could be tied to the positive performance of the coin in terms of technical analysis. RVN it broke through its 50-day moving average like nothing and hit the 200-day moving average, which is the next major resistance level.
The successful breakout that correlated with the large stock price brought more trading volume into the cryptocurrency, fueling the massive rally.
Nature of the Ravencoin project
Ravencoin is a “simple” payment network that has as its main goal to provide users with a cheap and efficient way to transfer funds. Raven is based on a fork of Bitcoin and allows users to issue various tokens with different use cases.
The simplicity and proven nature of the project attracts investors from across the industry who are ready to provide purchasing power when needed. The main reason behind the most recent pump could be related to the fact that more investors are discovering the project and are willing to join the surrounding community.
Mining power migration
Ravencoin is an accessible PoW coin for mining, which could be another reason why it is facing significant inflows lately, considering the fact that Ethereum miners will not be able to mine more ETH in the coming weeks. At press time, RVN is trading at $0.04 and is showing a price increase of around 46% in the last 24 hours.
The entry Ravencoin (RVN) Price Increased 50% in 2 Days, Here’s Why was first published on CryptoReport.