Ravencoin token price continued its strong uptrend this week and is nearing its highest point this month.
Ravencoin (RVN) rose to $0.02180, up 145% from its lowest point in April, giving it a market capitalization of $330 million. The rally coincided with the broader crypto market surge that has pushed the total market cap of all coins close to $3.5 trillion.
RVN’s rally started after Upbit, the biggest crypto exchange in South Korea listed it on June 4.
Since then, more Ravencoin tokens have continued to move out of centralized exchanges, a sign that holders are not selling. Net outflows stood at $793,000 on Wednesday, up from $643,000 a day earlier.
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Ravencoin’s futures open interest soared to $76 million, the highest point since March last year. It has remained above $70 million in recent days, indicating rising demand and liquidity.
Ravencoin is a proof-of-work cryptocurrency created from Bitcoin’s software. Like Bitcoin Cash (BCH) and Litecoin (LTC), its main difference from Bitcoin is a supply limit of 21 billion tokens, compared to Bitcoin’s 21 million.
Ravencoin price technical analysis
RVN price chart | Source: crypto.news
The daily chart shows that RVN token price bottomed at $0.008977 in April. It has since bounced back, rising to a high of $0.02573, its highest point since December last year.
Ravencoin moved above the key resistance level at $0.0126, its lowest point in August last year. The coin is about to form a golden cross pattern as the 50-day and 200-day Weighted Moving Averages near a crossover. A golden cross is a widely followed bullish pattern that signals market strength.
The Relative Strength Index and the Stochastic Oscillator are both pointing upward, indicating that momentum is building.
Ravencoin price has moved above the 23.6% Fibonacci Retracement level. Therefore, the token will likely continue rising as bulls target the 50% retracement at $0.03523, about 50% above the current level. A drop below the support at $0.020 would invalidate the bullish outlook.
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