Ravencoin pumps 100% in seven days: here’s why

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This week, Ravencoin pumps nearly 100% in seven days, despite strong US dollar amid strong CPI figures. The current price of Ravencoin is $0.072959 and the 24-hour trading volume is $418,829,201. RVN/USD opened trading at $0.067874, with a high of $0.068105 and a low of $0.058705. Ravencoin has increased by 19.58% in the last 24 hours.

With a live market cap of $764 million, CoinMarketCap is currently ranked #56. There are 10,473,290,000 RVN coins in circulation, with a maximum supply of 21,000,000,000 RVN coins. Now let’s have a quick look at the basic features of Ravecoin.

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Ravencoin Hashrate increases

RVN is one of the proof-of-work tokens that attracts miners like ETH integration, turning the network into a proof-of-profit approach. Ravencoin activity has already increased as proof-of-work miners look for alternatives and will soon be unable to mine Ethereum.

After the Ethereum blockchain transitions to a verification algorithm, RVN mining will be implemented for Ethereum miners who wish to continue mining. Due to the increasing hash rate of the network and the influx of miners, investors are becoming more interested in networks like Ravecoin and others. As a result, the hash rate of the Ravencoin network has increased significantly.

This speed increased from 2.79 TH/s to 6.78 TH/s on September 6. According to the data from 2miners.com, the network problem increased by 2X, from 37.78K to 83.12K, which led to an increase in the volume of transactions and a significant increase in the RVN / USD market price.

Ravencoin is listed on FTX.

On September 12, FTX announced a new RVN futures offering, which caused a spike in activity. Fans of Ravencoin on social networks responded positively to the FTX offer announcement. For FTX, the growing popularity of Ravencoin means that traders can see the movement and price increase of Ravencoin.

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Spectators can use futures contracts to predict where RVN will go from here. Because perpetual futures contracts have no expiration date, traders can hold their holdings indefinitely. It differs from traditional futures contracts in that buyers and sellers must complete the transaction on a specific date.

The price of RVN/USD rose due to FTX’s announcement that Ravencoin will list perpetual futures on the platform.

Ravencoin’s first game-to-earn platform

The popularity of Ravencoin encourages the expansion of the ecosystem as the community tries to take advantage of the current market momentum. Meta-Z is the first platform to support game-to-earn and VR capabilities on the Ravencoin Blockchain.

JQNFTX, an NFT artist, created Meta-Z, which will soon be available on the blockchain network.

upcoming events

The Ravencoin team stated that a clearly designed cold storage device is in operation for Ravencoin and other Ravencoin assets. Although the company has stated that the device will be available soon, there is no timetable for the release of the cool wallet.

Ravencoin will also launch on the virtual platform Braveland On September 15. To give birth to Bitcoin 3.0, the conference includes an in-depth examination of Ravencoin. Then there will be a physical meeting at the Royal Caribbean Symphony in November.

During the week-long event, the company will discuss the project’s progress and future events. RVN/USD is rising due to news of upcoming meetings and developments.

Ravencoin technical view

The RVN/USD pair is trading at $0.0724 after breaking the support level from $0.0202. RVN/USD has formed a “Three White Soldiers” pattern on the weekly time frame, indicating further bearish trends.

RVN/USD price chart

Ravencoin Price Chart – Source: Tradingview

Ravencoin’s immediate resistance level remains at $0.0823, and the break of this level exposes the price of RVN to $0.1417. On the downside, RVN finds immediate support at $0.0472 and $0.0202.

At the same time, RSI and MACD indicate a bullish trend. If you want to trade RVN, you should wait for the coin to test $0.0823, as a break above this level could provide a buying opportunity and vice versa.

Ravencoin daily technical levels

Support resistance
0.055214 0.076767
0.042554 0.085660
0.033661 0.098321
Pivot point: 0.064107


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