How bullish is RavenCoin after the Binance news?

• RavenCoin recovered slightly after Binance Pool support

• The cryptocurrency trades in a descending trendline

• RVN could fall further, although technical indicators have slightly improved

Ravencoin (RVN/USD) traded at $0.022 at press time after a slight correction. The cryptocurrency had developed some bullish signs previously, jumping from a low of $0.020 to $0.025. The gains came on the back of positive 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 fees set at 1%. The support comes after September’s Ethereum merge fueled demand for the token. RavenCoin uses the proof-of-work consensus mechanism. Ethereum’s shift to the Proof-of-State consensus mechanism, therefore, 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 network that lets users create tokens for any assets. The latest support by Binance Pool raises optimism that RVN could overcome a prolonged drop. But how bullish is the cryptocurrency?

RVN on a descending channel as gains fail to inspire a rally

RVN/USD Chart by TradingView

Despite the recent gains, RVN is yet to overcome a steep descent that has been in place since September. The cryptocurrency trades on a descending trendline. It tested the upper bound of the trendline and is facing some resistance.

The MACD and RSI indicators are, however, positive on RVN. The MACD line crossed above the signal line to suggest a bullish reversal. However, the indicator is still bearish. Similarly, the RSI recovered slightly, but the reading remains below the midpoint.

Should you buy RVN?

RavenCoin’s momentum could last for a while. If buying RVN, you should be aware that further downsides are possible based on the price action.

Where to buy RVN