Ravencoin is a blockchain that facilitates the peer-to-peer transfer of assets, and it deals with only asset transfers. Unlike Bitcoin, it does not deal with any other transactions. It enables you to create and trade real-world or digital assets on a network. Real-world assets can be land or gold; digital assets can be software, licenses, gaming items, etc.
Creating assets on the blockchain is not new, and it has been an option since the creation of Bitcoin. There are plenty of token standards available to do it, and some Ethereum based token standards are ERC 721, ERC 20, ERC 223, etc. Ravencoin is a fork of Bitcoin which operates on its blockchain. Experts find three main differences between Ravencoin and Bitcoin:
- The mining reward of Ravencoin began at 5000 RVN, but for Bitcoin, it starts with 50 BTC.
- If you consider the block time, the RAVEN’s block time is one-tenth of the BTC’s block time.
- BTC uses SHA 256 hashing, but Ravencoin uses X16T hashing algorithms.
The best part is distributing the RVN rewards to your assets holders. The use cases range from customer loyalty programs to the company’s dividends- it makes the coin popular in the crypto market.
When writing this analysis, the RVN price is around $0.076. After taking support around $0.057, it rises to the initial resistance level of $0.085. On the daily chart, the MACD is bullish, and RSI is also stable at around 50. The best part is the Bollinger Band lacks volatility while the candlesticks are in the upper half of the baseline. All these suggest bullishness in the trading price. Based on the Ravencoin price prediction, it is an ideal time to buy this coin with a target price of $0.085. It is also favorable for swing trade.
The interesting thing is, before the fall in January, it was consolidating in a range. The RVN price has been trading in the range of $0.058-$0.098. Sidewise movement is good for a short-term investment because you will get a safe upper and lower range of the price. That means, if it goes upward, that range can be a vital point to make its destination.
However, these are small segments of a long-term journey. The price will rise in the future, and investors will get handsome returns within a couple of years. In short, we think you may invest in this coin with a target price of $0.085, but keep a closer look at the downside. For your safety, you can set a stop loss of around $0.52.