Ravencoin (RVN Token) Cryptocurrency Gains Over 325% Against Bitcoin
Ravencoin (RVN) Increases by Over 325% Against Bitcoin
Ravencoin (RVN) is a largely unknown cryptocurrency. Recently, the coin has seen an impressive 49% increase in price in the past 24 hours of trading. The increase comes on the heels of the platform’s announcement that it will be adding Ravencoin to Binance and launching its mainnet soon as well.
The coin is ranked 59th in market cap in the industry and it has a market cap value of $112 million. The cryptocurrency has also seen a 197% price increase in the past seven days.
Ravencoin was established from the Bitcoin codebase and it uses an X16R mining algorithm. The coin is also ASIC-resistant and it utilizes 16 different mining algorithms that automatically further increase the network’s security. The coin derives its name from Westeros in the Game of Thrones saga.
The coin’s price increase, which began on October 11, 2018, started with Changpeng Zhao, CEO of Binance, announced on Twitter that it will be adding Ravencoin to its platform.
Back to listing. Ravencoin, no ICO, community project, humble people, no listing fee. https://t.co/MMJM4xyYtp
— CZ Binance (@cz_binance) October 11, 2018
Right after the announcement, the price action for RVN/BTC increased. The market then remained quiet for two days and a two day increase followed again thereafter. The increase in price continued on October 21, 2018 when Ravencoin tweeted that it will be launching its mainnet on October 31, 2018.
The mainnet for the protocol asset layer will be released on October 31, 2018. This is the one year anniversary of the Ravencoin founding and the 10 year anniversary of Bitcoin.
The network has been live since January 3 which is the anniversary of the Bitcoin network launch.
— Project Raven / RVN / Ravencoin (@Ravencoin) October 21, 2018
Going forward, if bears control the pressure in the market, RVN/BTC may experienced immediate support below at the short-term .5 Fibonacci Retracement level that is priced at 705 SATS. A further progression of a bear market may push the market below the 705 SATS support and as a result, we can expect retracement. On the other hand, in a bull market, there may be more resistance.