The cryptocurrency market has carried out poorly over the past 24 hours, however Ravencoin has continued its glorious efficiency.
RVN, the native coin of the Ravencoin blockchain, has been one of many best-performing cryptocurrencies over the previous seven days. Throughout that interval, RVN added greater than 90% to its worth.
Within the final 24 hours, RVN added greater than 6% to its worth, outperforming the broader cryptocurrency market within the course of. The entire cryptocurrency market cap has dropped under $1 trillion for the primary time in additional than every week. This comes after the market misplaced greater than 6% of its worth within the final 24 hours.
Bitcoin as soon as once more dangers dropping under the $20k psychological stage after shedding almost 10% of its worth inside a couple of hours.
Ether, the native coin of the Ethereum blockchain, is down by greater than 6% forward of the Merge. At press time, ETH is buying and selling at $1,609 per coin.
There is no such thing as a catalyst behind RVN’s ongoing rally. The proof of labor coin has been gaining traction in current days because it continues to draw miners due to the Ethereum Merge.
Key ranges to look at
The RVN/USD 4-hour chart is extraordinarily bullish as Ravencoin has been performing excellently over the past seven days. The technical indicators present that it is without doubt one of the finest performers within the broader crypto market.
The MACD line crossed into the constructive zone on September third and has remained there. Thus, indicating that the bulls are answerable for the Ravencoin market.
The 14-day relative energy index of 65 exhibits that RVN may enter the overbought area if the rally is sustained.
At press time, RVN is buying and selling at $0.0652 per coin. RVN may transfer previous the primary main resistance stage at $0.07100 earlier than the tip of the day.
Nonetheless, the bulls would discover it exhausting to surge previous April’s excessive of $0.0778 except they acquire assist from the broader crypto market.
If the bears regain management, RVN could possibly be pressured to defend the primary main assist stage at $0.05982 over the following few hours.
Binance is without doubt one of the largest cryptocurrency exchanges on the earth. It’s higher suited to extra skilled traders and it presents numerous cryptocurrencies to select from, at over 600.
Binance can be identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, similar to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
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