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Ravencoin (RVN) Makes Enormous 50% Return, Here Are 3 Reasons Why

Fri, 07/29/2022 - 10:52
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Arman Shirinyan
Ravencoin is biggest gainer on cryptocurrency market in last 24 hours
Ravencoin (RVN) Makes Enormous 50% Return, Here Are 3 Reasons Why
Cover image via stock.adobe.com

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Ravencoin's price performance was a surprise for any kind of cryptocurrency trader as the cryptocurrency broke through all existing resistance levels and showed a 50% price increase in only two days. In addition to the extreme price increase, the cryptocurrency had no fundamental changes in the last few weeks.

Successful breakout

The first reason behind the impressive 50% rally could be tied to the positive performance of the currency in terms of technical analysis. RVN moved past its 50-day moving average like it was nothing and reached the 200-day moving average, which is the next major resistance level.

RVN Chart
Source: TradingView

The successful breakout that correlated with the large exchange listing attracted more trading volume to the cryptocurrency, which fueled the massive rally.

Project's nature

Ravencoin is a "simple" payment network that mostly aims at providing users with a cheap and efficient way of transferring funds. Raven is built on a Bitcoin fork and allows users to issue various tokens with different use cases.

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The simplicity and the time-tested nature of the project attracts investors from all over the industry that are ready to provide buying power when needed. The main reason behind the most recent pump could be tied to the fact that more investors are discovering the project and are willing to join the surrounding community.

Mining power migration

Ravencoin is a PoW coin accessible for mining, which might be another reason why it faces significant inflows lately, considering the fact that Ethereum miners will not be able to mine more ETH in the next few weeks.

At press time, RVN is trading at $0.04 and showing around a 46% price increase in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.