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Ravencoin surged on Friday despite 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 currently bearish, casting doubts on sustained gains
Ravencoin RVN/USD surged 5% on Friday. At the time of writing, the token was trading for $0.03651. Although the pump is not tied to any specific factor, there is a rising interest in Ravencoin among crypto miners. As a PoW blockchain, it was one of the notable gainers after Ethereum’s proof-of-stake merge.
Crypto miners opted for Ravencoin as an alternative to ETH mining. Besides, the blockchain platform has equally seen rapid expansion. This follows a step by FTX crypto exchange to list RVN perpetual features a mid-last month. The futures let investors speculate on the price of RVN.
It is of importance to note that Ravencoin was forked from bitcoin in 2018. The network aims for the issuance and transfer of new digital assets. Ravencoin is a proof-of-work consensus algorithm network. Its native token, RVN, powers decentralised applications and non-fungible tokens. From the technical outlook, RVN faces hurdles to the upside.
RVN shows some bullishness at the support zone
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Coingate
CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.
From the daily chart above, Ravencoin collapsed from $0.0771 in mid-September, shedding off 52% of its value. Technically, Ravencoin is showing some bullishness but remains locked in a broader support zone.
The momentum indicator, MACD, shows a clear bearish level, while the Stochastic Oscillator is at 32. The latter is slightly above the oversold zone but within the vicinity.
Bottom line
Ravencoin may not sustain the current gains due to largely bearish momentum. From the chart, the token is facing immediate resistance at $0.042. To invalidate the current sentiment, RVN must clear above the resistance level. The key indicators should also turn green. As it is, RVN is not out of the woods yet.