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Ravencoin surged on Friday regardless of a bearish crypto market
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The blockchain, forked from Bitcoin, is a beneficiary of the ETH merge
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Technical indicators are at the moment bearish, casting doubts on sustained good points
Ravencoin RVN/USD surged 5% on Friday. At the time of writing, the token was buying and selling for $0.03651. Although the pump shouldn’t be tied to any particular issue, there’s a rising curiosity in Ravencoin amongst crypto miners. As a PoW blockchain, it was one of many notable gainers after Ethereum’s proof-of-stake merge.
Crypto miners opted for Ravencoin as an alternative choice to ETH mining. Besides, the blockchain platform has equally seen speedy enlargement. This follows a step by FTX crypto trade to checklist RVN perpetual includes a mid-last month. The futures let buyers speculate on the value of RVN.
It is of significance to notice that Ravencoin was forked from bitcoin in 2018. The community goals for the issuance and switch of recent digital property. Ravencoin is a proof-of-work consensus algorithm community. Its native token, RVN, powers decentralised functions and non-fungible tokens. From the technical outlook, RVN faces hurdles to the upside.
RVN exhibits some bullishness on the help zone
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From the every day chart above, Ravencoin collapsed from $0.0771 in mid-September, shedding off 52% of its worth. Technically, Ravencoin is displaying some bullishness however stays locked in a broader help zone.
The momentum indicator, MACD, exhibits a transparent bearish degree, whereas the Stochastic Oscillator is at 32. The latter is barely above the oversold zone however inside the neighborhood.
Bottom line
Ravencoin might not sustain the present good points on account of largely bearish momentum. From the chart, the token is dealing with speedy resistance at $0.042. To invalidate the present sentiment, RVN should clear above the resistance degree. The key indicators must also flip inexperienced. As it’s, RVN shouldn’t be out of the woods but.
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