Ravencoin (RVN) price increased by 50% in 2 days, here are the reasons


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.

successful breakup

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.

Source: TradingView

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.

Click to rate this post!
[Total: 0 Average: 0]
Next Post

Cyprus tourism hit hard when Russians are absent

How much this year stock market race has affected the pension capital varies widely. But generally it hits harder against high income earners who have a large share of their future pension in the occupational pension, and who have also invested a large share in funds or shares. It suits, […]
Cyprus tourism hit hard when Russians are absent

Subscribe US Now