Ravencoin was one of the best performers last week, but the cryptocurrency has been underperforming over the last 24 hours.
RVN, the native coin of the Ravencoin blockchain, is one of the worst performers amongst the top 100 cryptocurrencies by market cap. RVN is down by nearly 20% in the last 24 hours.
The coin’s poor performance coincides with that of the broader cryptocurrency market. The crypto market has lost nearly 4% in the last 24 hours, with the total market cap now around $950 billion.
Bitcoin, the world’s leading cryptocurrency, has lost more than 2% of its value so far on Friday. As a result, BTC is trading below the $20k psychological level once again.
Ether, the second-largest coin by market cap, has lost more than 8% of its value today despite the Ethereum network successfully migrating to a proof of stake mechanism roughly 24 hours ago. ETH is trading below $1,500 for the first time in nearly two weeks.
Ravencoin’s poor performance comes after the coin added nearly 100% to its value last week. It outperformed most coins as miners considered it one of the major options when they migrated from the Ethereum blockchain.
Key levels to watch
The RVN/USD 4-hour chart remains positive despite Ravencoin’s poor performance. However, the technical indicators show that RVN is currently underperforming.
RVN/USD 4-hour Chart By TradingView
The MACD line is around the neutral zone and could soon enter the negative zone if the bearish trend continues.
The 14-day RSI of 42 shows that RVN could enter the overbought region if the bears remain in charge.
At press time, RVN is trading at $0.05222 per coin. If the bearish trend continues, RVN could slip below the $0.04538 support level before the end of the day.
An extended bearish performance over the weekend could see RVN struggle to defend the $0.03609 support level.