Ravencoin up by 85% In a Week: Is RVN Attracting ETH Miners?
Ravencoin has increased value significantly in the last seven days. Many experts believe Ravencoin runs on a Proof of Work consensus, so it is attracting Ethereum miners who have no option left in Ethereum mining (except ETC). It is a folk version of Bitcoin that runs on similar technology with slight variations. The best part is the algorithm allows the miner to mine Ravencoin even with an average computer.
Mining Bitcoin and other cryptocurrencies are expensive, and they need energy-intensive hardware. Overtime mining becomes even more difficult in these cryptos, but Ravencoin comes with an original vision of decentralization and fewer mining barriers.
It was first introduced in 2017 on the blogging platform Medium. On this blog, the Ravencoin founder connected a digital currency with the popular TV series ‘Game of Thrones.’ After two months of this blog post, around January 2018, Ravencoin was first mined.
Overall, Ravencoin is popular because anyone can mine it on their average computer. It does not need costly equipment, so it can be sustainable for the long term with Proof of Work consensus.
If you are interested in long-term holding, you must analyze the fundamental aspects of RVN price prediction in more detail. Here we are providing our price analysis of RVN, which will help you to make investment-related decisions.
At the time of writing this post, RVN was trading around $0.06, which is above the support level of $0.05 but below the resistance around $0.077. Though Ravencoin is bullish in the short term, we do not think it is the ideal time for short-term investment.
The good sign is that it has changed the momentum in the last two months after a long downtrend. It has been forming higher highs from the level around $0.02, which is the bottom of the RVN price. However, it may come to the support level of $0.05 in the short term.
On the long-term chart, the candlesticks have broken the upper range of the Bollinger Bands, which suggests a strong correction in the next few weeks for Ravencoin. Most technical indicators are bullish for the long term, but you have to invest after RVN crosses the crucial resistance level because the coin has been in a downtrend since its all-time high.