Ravencoin was created to allow dedicated peer-to-peer transfer of assets. Although you can transfer assets on Bitcoin and Ethereum platforms, the lack of specializations in transferring assets may create a problem for users. On the other hand, Ravencoin is specialized in transferring assets on the platform and provides the best user experience.
It is a fork of Bitcoin and uses the same protocol as the Bitcoin UTXO model. However, it operates in its own blockchain system and offers secure transfer without having any centralized middleman. There is a total supply of 21 billion RVN, and it uses the X16R hashing algorithm.
Many people treat it as an asset, just like Bitcoin and Ethereum, which makes it one of the best investment choices for the long term.
At the time of writing, the RVN coin is trading around $0.074. the chart seems bullish, but it will face resistance around $0.079, and it may retrace back from that level. After taking support around $0.049, it is bullish in the short term, but it depends on many factors on how long it will sustain.
On the daily chart, MACD is bullish, and RSI is strong, around 65. The candlesticks are forming in the upper half of the Bollinger Band around the resistance level. We do not think it is the ideal investment time in the short term. If the current trend persists, the coin might cross the $0.078 mark. On the downside, if the RVN token corrects from the current level, it might be the best opportunity to buy Ravencoin below the price level of $0.070 as per the Ravencoin price prediction.
On the weekly chart, MACD and RSI are bullish. Though candlesticks are in the lower half of the Bollinger Band, we still think it is a good time for investment in the long term with a target price of $0.10, which is the resistance level in the long term.
That means it is not the ideal time for a short-term investment, but if you want to invest in the long-term, you can start accumulating some coins; we suggest $0.068 is a good price to buy for the long term. Please follow our website and get the latest update on crypto markets.