Ravencoin launched in cryptocurrency in 2018 on an open-source digital peer-to-peer network that enables instant payments. It can easily be distinguished from other cryptocurrencies as RVN created a balanced opportunity for investors with no ICO launch or reward for its developers and founders. Ravencoin uses the Bitcoin fork as a guide to resolving BTC shortcomings, which was achieved by capping the maximum token size to 21 billion coins.
Since it offers block rewards on 5000 tokens and a block time of 10 minutes as compared to BTC’s 50 token and 1-minute block time, currently, RVN has close to 7 billion tokens in circulation. RVN also addresses the decentralization of mining processes by modifying its mining algorithm to improve distribution for consumer-grade graphic processing-based mariners instead of ASICS. It essentially means that individuals have a better opportunity to generate mining revenue. Furthermore, the randomized hashing mechanism also contributes to the decentralized tokens.
RVN is a free open source platform dedicated to secure transfer to tokens that allows developers to create their personalized tokens. RVN coins can also be customized, limited, named, or collectibles. Its higher emphasis on allowing easier access to its crypto community. Ravencoin was originally designed as a protocol to assist in developing tokens that reflect real-world assets. Modifying Bitcoin’s fork to address real-world issues has allowed this token to grow its acceptance, harboring the growth of peer-to-peer transactions.
The use cases of RVN token ranges from Security tokens, real-time possession transfer transactions, and Non Fungible Tokens. It has a keen interest in resolving the challenges of token issuing platforms.
RVN Price Analysis
Ravencoin has jumped by more than 400% after consolidating its value during 2020. As we entered 2021, the prices soared with a massive movement of 2600% by February 2021, making multiple millionaires in the process. Since the consolidation cum sell-off at major vantage points, RVN coin has remained negative concerning the February 2021 peaks. Comparing the same with December 2020 value, we find a strong 431% gain even after falling by more than 70% from its peak in 2021.
Even during the sell-off session of 2021, the RVN token has maintained a strong support zone of $0.0522, with resistance around $0.1615. Although the price action in the last 12 months seems largely negative, there is a probability of a breakout considering consistent attempts to reach a higher level. In terms of technical indicators, both MACD and RSI showcase a consolidative stance. According to Ravencoin price prediction, the possibility of a strong up-move is still minuscule. However, there is a decent opportunity to be a part of an ecosystem that addresses a critical failure of BTC.
On daily charts, the price action seems negative, with stiff resistance every time it surpasses the level. Till that time, MACD comes to the positive axis, and prices hold above $0.100 levels, expecting a recovery to retesting of previous highs would be a disappointment. At the same time, the current value offers a less risky opportunity to take part in the growth trajectory of RVN.
