Ravencoin is a blockchain system that is built on a fork of the Bitcoin source code. However, the coin has extra capabilities that enable users to create security-like tokens on its network. Ravencoin, like Bitcoin, employs the Proof of Work (PoW) consensus process.
Ravencoin Halving is an occurrence in which the quantity of RVN rewards created every block is lowered by half. The total quantity of RVN produced by miners every block will be reduced from 5,000 to 2,500 during the next halving event. The halving will take place at block 2,100,000. The quantity of RVN coins found in every block will decrease after the halving event.
Key Takeaways (RVNUSD)
- With a trigger due in a week, investors are buying Ravencoin ahead of time, sending RVN prices higher.
- This week, Ravencoin (RVN) cryptocurrency holders are discussing Ravencoin’s reward distribution. While the network now pays large payouts to miners, these benefits are scheduled to be drastically reduced in the next week. And, based on the experience, it appears that the event will have a significant positive impact on RVN prices.
- With the halving scheduled on January 11, the event is approaching quickly. Obviously, there are a lot of investors attempting to get on board the rocket before it takes off.
Price Analysis of RVNUSD
Fear & Greed Index: 24, Fear
All-time High: $0.2854
7d change: 35.55%
Market Cap: $1,352,169,812
Circulation Supply: 10,454,785,000 RVN
Total Supply: 10,454,785,000 RVN
Weekly Chart Breakdown of RVNUSD
The RVN market is in a big symmetrical triangle on a weekly timeframe. And the price is currently hovering below the resistance of the descending trendline. RVN just touched the trendline for the 4th time. The more times the price touches the line, the higher are chances for a breakout.
The demand zone between $0.15-$0.17 is of great significance. In a case of a breakout, RVN bulls could push the price in this zone. Once it reaches the demand zone, the price could erupt from $0.18 during the halving event, as we have already seen the bulls jumping on the bandwagon. If that happens, RVN would easily reach the $0.20- $0.25 zone.
Daily Chart Breakdown of RVNUSD
The price is testing the resistance of the falling trendlines. We might see a correction towards $0.11 soon if the bears can take control of the market.
4h Chart Breakdown of RVNUSD
We can see a clear bearish divergence with the confluence of the resistance, and we might see a slump towards $0.11 before any upward move.
1 Hour Chart Breakdown of RVNUSD
A break below $0.12 will push the market towards $0.11.
We have to wait for the upcoming halving event of Ravencoin to see a clear picture. For now, the market sentiment remains bullish on higher timeframes.
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