The Ravencoin price went parabolic on Friday as investors cheer the soaring cryptocurrency prices. The RVN token rose to a high of $0.042, which was about 152% above the lowest level this year. Its total market cap has risen to over $469 million, making it the 100th biggest cryptocurrency in the world.
Why is RVN soaring?
Ravencoin is a top 100 cryptocurrency that has a unique angle. It is a Bitcoin crone that seeks to solve some of its biggest challenges. It was created using the original BTC code.
Ravencoin handles the challenges that Bitcoin has experienced in the past decade. For example, it is a highly faster cryptocurrency than BTC since it has a block reward time of 1 minute. Bitcoin has a block time of over 10 minutes.
Further, while Bitcoin has a maximum supply limit of 21 million, Ravencoin has over 11 billion, making it more affordable than BTC. The cost of Ravencoin transactions is significantly lower than that of Bitcoin.
Ravencoin price is rising simply because other cryptocurrency prices are rising as well. For example, BTC has risen to $23,970 and there is a possibility it will rise to over $25,000 in the next few days. The total market cap of all cryptocurrencies has jumped to over $1.14 trillion.
This performance is mostly because analysts believe that the Federal Reserve will slow interest rate hikes in the coming months because the country has moved to a recession. Data published on Thursday revealed that the country’s economy contracted by 0.9% in the second quarter after falling by 1.6% in Q1.
Further, the RVN price is rising as investors price in a situation that cryptocurrency prices have bottomed.
Ravencoin price prediction
The four-hour chart shows that the RVN price has continued rising in the past few days. It has jumped to the highest level since May this year. At the same time, Ravencoin has jumped above the 25-day and 50-day moving averages while the Relative Strength Index has moved above the overbought level.
Therefore, the coin will likely continue rising as bulls target the next key resistance level at $0.050. A drop below the support level at $0.035 will invalidate the bullish view.