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RavenCoin recovered barely after Binance Pool assist
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The cryptocurrency trades in a descending trendline
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RVN may fall additional, though technical indicators have barely improved
Ravencoin (RVN/USD) traded at $0.022 at press time after a slight correction. The cryptocurrency had developed some bullish indicators beforehand, leaping from a low of $0.020 to $0.025. The beneficial properties got here on the again of constructive cryptocurrency news.
According to a November 23 announcement, Binance Pool is supporting RavenCoin. The RavenCoin mining service will use the PPS+ settlement, with the mining pool charges set at 1%. The assist comes after September’s Ethereum merge fueled demand for the token. RavenCoin makes use of the proof-of-work consensus mechanism. Ethereum’s shift to the Proof-of-State consensus mechanism, due to this fact, fueled the demand for PoW tokens like RVN.
RavenCoin is itself a fork of Bitcoin, a PoW blockchain. The blockchain is a peer-to-peer community that lets customers create tokens for any property. The newest assist by Binance Pool raises optimism that RVN may overcome a chronic drop. But how bullish is the cryptocurrency?
RVN on a descending channel as beneficial properties fail to encourage a rally
Despite the current beneficial properties, RVN is but to beat a steep descent that has been in place since September. The cryptocurrency trades on a descending trendline. It examined the higher sure of the trendline and is dealing with some resistance.
The MACD and RSI indicators are, nevertheless, constructive on RVN. The MACD line crossed above the sign line to recommend a bullish reversal. However, the indicator is nonetheless bearish. Similarly, the RSI recovered barely, however the studying stays beneath the midpoint.
Should you purchase RVN?
RavenCoin’s momentum may final for some time. If buying RVN, you need to be conscious that additional downsides are potential primarily based on the worth motion.
Where to purchase RVN
Binance
Binance is one among the largest cryptocurrency exchanges in the world. It is higher suited to extra skilled traders and it presents numerous cryptocurrencies to select from, at over 600.
Binance is additionally identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, reminiscent of; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.
Coingate
CoinGate is a Lithuanian-based fintech firm based in 2014. The fee gateway presents cryptocurrency fee processing providers for companies of any sizes. Permission-based account administration, fiat payouts to the checking account and model new e mail billing function are just some explanation why CoinGate has change into a go-to fee processor for a lot of.
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