RavenCoin is up by more than 6% on Wednesday: Here is why

RavenCoin is up by more than 6% on Wednesday: Here is why

By Hassan Maishera - min read

The cryptocurrency market has performed poorly over the last 24 hours, but Ravencoin has continued its excellent performance. 

RVN, the native coin of the Ravencoin blockchain, has been one of the best-performing cryptocurrencies over the past seven days. During that period, RVN added more than 90% to its value.

In the last 24 hours, RVN added more than 6% to its value, outperforming the broader cryptocurrency market in the process. The total cryptocurrency market cap has dropped below $1 trillion for the first time in more than a week. This comes after the market lost more than 6% of its value in the last 24 hours.

Bitcoin once again risks dropping below the $20k psychological level after losing nearly 10% of its value within a few hours.

Ether, the native coin of the Ethereum blockchain, is down by more than 6% ahead of the Merge. At press time, ETH is trading at $1,609 per coin.

There is no catalyst behind RVN’s ongoing rally. The proof of work coin has been gaining traction in recent days as it continues to attract miners thanks to the Ethereum Merge.

Key levels to watch

The RVN/USD 4-hour chart is extremely bullish as Ravencoin has been performing excellently over the last seven days. The technical indicators show that it is one of the best performers in the broader crypto market.

The MACD line crossed into the positive zone on September 3rd and has remained there. Thus, indicating that the bulls are in control of the Ravencoin market. 

The 14-day relative strength index of 65 shows that RVN could enter the overbought region if the rally is sustained.

At press time, RVN is trading at $0.0652 per coin. RVN could move past the first major resistance level at $0.07100 before the end of the day.

However, the bulls would find it hard to surge past April’s high of $0.0778 unless they gain support from the broader crypto market.

If the bears regain control, RVN could be forced to defend the first major support level at $0.05982 over the next few hours. 

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