Ravencoin dips by virtually 20% following remaining week’s rally. Will RVN dip further?

Ravencoin was among the many finest performers remaining week, nevertheless the cryptocurrency has been underperforming over the past 24 hours.

RVN, the native coin of the Ravencoin blockchain, is among the many worst performers amongst the best 100 cryptocurrencies by market cap. RVN is down by virtually 20% throughout the remaining 24 hours. 

The coin’s poor effectivity coincides with that of the broader cryptocurrency market. The crypto market has misplaced virtually 4% throughout the remaining 24 hours, with the entire market cap now spherical $950 billion.

Bitcoin, the world’s fundamental cryptocurrency, has misplaced higher than 2% of its price to this point on Friday. Consequently, BTC is shopping for and promoting underneath the $20k psychological stage as quickly as as soon as extra.

Ether, the second-largest coin by market cap, has misplaced higher than 8% of its price instantly whatever the Ethereum neighborhood effectively migrating to a proof of stake mechanism roughly 24 hours up to now. ETH is shopping for and promoting underneath $1,500 for the first time in virtually two weeks.

Ravencoin’s poor effectivity comes after the coin added virtually 100% to its price remaining week. It outperformed most money as miners thought-about it one among many fundamental decisions after they migrated from the Ethereum blockchain.

Key ranges to have a look at

The RVN/USD 4-hour chart stays constructive no matter Ravencoin’s poor effectivity. Nonetheless, the technical indicators current that RVN is at current underperforming.

RVN/USD 4-hour Chart By TradingView

The MACD line is throughout the neutral zone and can shortly enter the hostile zone if the bearish growth continues.

The 14-day RSI of 42 reveals that RVN could enter the overbought space if the bears keep in value. 

At press time, RVN is shopping for and promoting at $0.05222 per coin. If the bearish growth continues, RVN could slip underneath the $0.04538 assist stage sooner than the highest of the day.

An extended bearish effectivity over the weekend might even see RVN wrestle to defend the $0.03609 assist stage. 

The place to buy now


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Binance will also be acknowledged for having low shopping for and promoting prices and a quite a lot of of shopping for and promoting decisions that its clients can revenue from, harking back to; peer-to-peer shopping for and promoting, margin shopping for and promoting and spot shopping for and promoting.

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The submit Ravencoin dips by virtually 20% following remaining week’s rally. Will RVN dip further? appeared first on CoinJournal.

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