Ravencoin (RVN) has been surging the past week – should you buy it?
Ravencoin (RVN) is right now one of the best performing coins in the market. The token is up 20% over the last week. These gains would be even higher were it not for today’s broader crypto pullback that saw RVN lose over 10% in 24 hours. So, what is Ravencoin (RVN), and should you even consider it? The analysis is below but first, some highlights:
This week’s gains have helped Ravencoin (RVN) surge past its December lows by nearly 80%.
At press time, the token was down 10% in 24-hour intraday trading but is still 20% up over the last 7 days.
Despite this positive momentum, Ravencoin (RVN) still remains 62% from all-time highs in 2021.
Data source: Tradingview.com
Ravencoin (RVN) – Price analysis and prediction
Ravencoin (RVN) was launched 4 years ago. During this period, the token has reported significant growth. The recent 7-day surge suggests that perhaps there is way more to come from Ravencoin (RVN).
Besides, at the time of writing, the coin had a market cap of around $1.2 billion, an indication that there is still enough upside to unlock more value in the long term. Right now, the coin is also above its 25- and 50-day moving average.
Despite the 10% 24 hour pull back, Ravencoin (RVN) is still above its resistance level of $0.115. We expect the token to trade above this threshold as long as sentiment in the broader crypto doesn’t deteriorate further.
Why you should buy Ravencoin (RVN)
Ravencoin (RVN) is built on a fork of the Bitcoin code. It is designed to be a peer-to-peer blockchain network that facilitates the transfer of crypto assets in the most efficient and less costly way. So far, the project has earned the trust of many investors. Although it is not really the most promising blockchain project today, it could still offer decent returns for long-term plays.