Ravencoin (RVN) price prediction after February sell-off

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on Mar 6, 2022
  • Bears control the price action
  • The critical support level stands at $0.04
  • Russia's attack on Ukraine remains in focus

Ravencoin RVN/USD has weakened from the recent highs above $0.08, registered on February 08, 2022, below $0.05, and the current price stands around $0.053.

The efficient creation and transfer of assets

Ravencoin is a peer-to-peer blockchain that enables the efficient creation and transfer of assets from one party to another.

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Users can create and trade any real-world or digital assets, and it is important to say that Ravencoin can also serve as a base and starting point for projects, second-layer solutions, experiments, and business ideas.

Tokens that are issued on the Ravencoin blockchain can be limited in quantity, named, and issued as securities or collectibles.

Users can make their own security token within minutes; they can also trade it and contact every holder of their token. This feature allows specific holders to be notified when they might need to vote on new proposals.

Ravencoin is a Bitcoin-like system, and it released binaries for mining on January 03, 2018, the ninth anniversary of the announcement and launch of Bitcoin.

Ravencoin was built on a fork of the Bitcoin code, and to secure its network, Ravencoin uses a similar consensus mechanism to Bitcoin’s Proof of Work (PoW), called the KAWPOW algorithm.

KAWPOW algorithm aims to overcome the problem of centralization of mining and to improve the distribution of Ravencoin to everyone.

On the other side, Ravencoin differs from Bitcoin because it has a block time of one minute instead of ten minutes. Block reward is 5,000 RVN instead of 50 BTC, and it has a total coin supply of 21 billion instead of 21 million.

RVN is a governance token of this peer-to-peer blockchain, and to create a new crypto asset, you must burn (or destroy) a certain amount of RVN tokens.

RVN token has achieved an impressive gain in the second week of February 2021, and it has reached a record high above $0.28 on February 15. RVN is currently down more than 80% from its peak, and the risk of further decline is still not over.

The uncertainty of potential outcomes between Ukraine and Russia continues to worry investors, and in such conditions, risk-on assets tend to suffer because investors look for safer places to invest their money.

Bears in control of RVN

Ravencoin (RVN) was a bad performer during the last several months, and technically looking, it still remains under pressure.

Data source: tradingview.com

For now, bears control the price action, the critical support level stands at $0.04, and if the price breaks it, we could see new lows around $0.02 support.

Summary

Ravencoin is a project that allows users to issue and integrate assets into its blockchain while it can also serve as a base and starting point for projects, second layer solutions, experiments, and business ideas. Ravencoin (RVN) was a bad performer during the last several months, and technically looking, it still remains under pressure

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