Ravencoin (RVN) is right now one of the best performing coins in the market. The token is up 20% over the last week. These gains would be even higher were it not for today’s broader crypto pullback that saw RVN lose over 10% in 24 hours. So, what is Ravencoin (RVN), and should you even consider it? The analysis is below but first, some highlights:
This week's gains have helped Ravencoin (RVN) surge past its December lows by nearly 80%.
At press time, the token was down 10% in 24-hour intraday trading but is still 20% up over the last 7 days.
Despite this positive momentum, Ravencoin (RVN) still remains 62% from all-time highs in 2021.
Data source: Tradingview.com
Ravencoin (RVN) – Price analysis and prediction
Ravencoin (RVN) was launched 4 years ago. During this period, the token has reported significant growth. The recent 7-day surge suggests that perhaps there is way more to come from Ravencoin (RVN).
Besides, at the time of writing, the coin had a market cap of around $1.2 billion, an indication that there is still enough upside to unlock more value in the long term. Right now, the coin is also above its 25- and 50-day moving average.
Despite the 10% 24 hour pull back, Ravencoin (RVN) is still above its resistance level of $0.115. We expect the token to trade above this threshold as long as sentiment in the broader crypto doesn’t deteriorate further.
Why you should buy Ravencoin (RVN)
Ravencoin (RVN) is built on a fork of the Bitcoin code. It is designed to be a peer-to-peer blockchain network that facilitates the transfer of crypto assets in the most efficient and less costly way.