Ravencoin RVN / USD has weakened from recent highs above $ 1.16, recorded on September 4, below $ 0.09, and the current price is hovering around $ 0.11.
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Ravencoin is a peer-to-peer blockchain that enables the efficient creation and transfer of assets from one party to another. Ravencoin allows you to create and exchange any real world (gold, silver, title deeds) or digital (gaming items, software licenses) assets on your network.
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This project was launched in early 2018 and built on a fork of the Bitcoin code. The popularity of Ravencoin is increasing, but as a young project with stiff competition, it is difficult to predict how successful Ravencoin will be in the next few years.
Ravencoin offers you the option of making your own token on its blockchain, which can be limited in quantity, named, and issued as securities or collectibles. You can also contact all of your token holders, allowing specific holders to be notified when they may need to vote on new proposals.
To secure its network, Ravencoin has a consensus mechanism similar to Bitcoin’s Proof of Work (PoW), called the KAWPOW algorithm. KAWPOW aims to overcome the problem of mining centralization and improve the distribution of Ravencoin for everyone.
The RVN coin is a government token of the Ravencoin blockchain, and in order to create a new crypto asset, you need to burn (or destroy) a certain number of RVN coins. Ravencoin has a total coin supply of 21 billion, and more and more exchanges are offering this cryptocurrency.
Ravencoin is a very promising project, and the price of RVN could rise again to the levels we saw in February 2021. This certainly will not happen in the next few days or even weeks; Still, traders should keep in mind that if the price of Bitcoin falls below the $ 50,000 support, that will negatively influence RVN.
Current support is $ 0.10
Ravencoin (RVN) underperformed during September and is technically still under pressure.
Data source: tradingview.com
Ravencoin (RVN) is currently trading very close to the current support level at $ 0.10, and if the price breaks it, the next target could be at $ 0.09 or even below.
On the other hand, if the price rises above $ 0.14, the next target could be $ 0.16, but traders should use stop-loss and take-profit orders when opening their positions because the risk is still high.
Ravencoin is a peer-to-peer blockchain that allows the transfer of assets from one party to another; The popularity of this project is increasing, but it is difficult to predict how successful Ravencoin will be in the next few years. Ravencoin (RVN) is currently trading very close to the current support level at $ 0.10, and if the price breaks it, the next target could be $ 0.09.
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