Ravencoin is down again: Should you invest now?
Ravencoin is a forked version of Bitcoin with a slight variation. Bitcoin needs expensive hardware where miners solve complex mathematical problems to mine BTC, but Ravencoin can be mined with an average computer that consumes less energy than Bitcoin mining. It is a new cryptocurrency that was created in 2018.
The main reason behind the popularity of Ravencoin is its ability to mine on an average computer, which is a long-awaited facility for decentralized blockchain technology. The best part is the circulating supply of RVN tokens can be increased only by mining. The mathematical equation of Ravencoin is easier than Bitcoin, so these can be processed on average computers.
It runs on an algorithm (KAWPOW) that prevents the need for any expensive equipment to mine RVN tokens. If a normal user can mine tokens, it solves the problem of scalability, and it can be a truly decentralized version of a digital coin with many nodes worldwide. It can also process the transaction much faster, making it more secure than other blockchain technologies.
It was running on testnet in 2017 but launched in 2018. The Ravencoin team was funded by Medici Ventures and aimed to create a specialized blockchain that normal users can mine without specialized mining hardware. In the beginning, the ASIC hardware users took advantage of their specialized hardware and mined the Ravencoin much faster than average computers, but later the developers modified the algorithm so that miners with ASICs would behave like regular computer hardware.
If you choose Ravencoin as an ‘affordable’ alternative to Bitcoin, please read our technical analysis before investing in RVN.
At the time of writing this analysis, the RVN price is trading around $0.031. It has been consolidating within a range of $0.024 and $0.042 in the last six months, but in the first two weeks of September, it turned bullish.
After a sudden spike, it changed the momentum again, and currently, it is consolidating within the range. Generally, you can set a target of initial resistance after investing in the support area for the short term. However, as per our Ravencoin prediction, we think it is the right time for investment because the long-term chart is bullish.
On the weekly chart, candlesticks have been forming higher highs and higher lows. Currently, the RVN coin is trading on higher support for the long term around the baseline of the Bollinger Bands, while most other technical indicators are bullish. It is a good opportunity to invest in the long term.