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Cryptocurrency : Ravencoin (RVN) Price Analysis for August 2021

Ravencoin RVN / USD is currently trading around the $ 0.0588 level, and it would be a strong buy signal if the price jumps above the $ 0.10 resistance again.

Fundamental analysis: there is still a level of uncertainty surrounding this project

Ravencoin is a peer-to-peer blockchain that allows you to transfer assets from one party to another. This project was launched in early 2018 with a focus on building a useful technology that allows you to create and trade any real world (gold, silver, title deeds) or digital (gaming items, software licenses) assets on your network.

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This project is led by the main developers: RavoncoinDev, Tron, and Chatturga, and as a young project with strong competition, it is difficult to predict how successful Ravencoin will be in the next few years.

Ravencoin is based on a fork of the Bitcoin code, and it is important to say that you can create your own token on this blockchain. These tokens can be limited in quantity, named, and issued as securities or collectibles, while you can also send a message to anyone who has your tokens, allowing specific holders to be notified when they may need to vote on new proposals. . The RVN coin is used as the government token for this project, and in order to create a new crypto asset, you have to burn (or destroy) a certain number of RVN coins.

Ravencoin uses a consensus mechanism similar to Bitcoin’s Proof of Work (PoW) to protect its network, called KAWPOW. On the other hand, Ravencoin differs from Bitcoin in that it has a lock time of one minute instead of ten minutes, and it has a total coin supply of 21 billion instead of 21 million.

Ravencoin has a strong and growing community; The popularity of this project is increasing around the world, while more and more exchanges offer this cryptocurrency. Basically, there is still a level of uncertainty surrounding this project, and its success depends mainly on its strategy to expand its influence in the market.

Technically, Ravecoin (RVN) extended its correction from the all-time highs above $ 0.28, recorded in February 2021, and if you decide to trade this cryptocurrency in August 2021, you must use a stop-loss order because the risk remains. being tall.

Technical Analysis: $ 0.10 Represents A Strong Resistance Level

Data source: tradingview.com

The critical support level is located at $ 0.050; $ 0.10 and $ 0.15 represent the important resistance levels. If the price rises above $ 0.10, it would be a signal to trade Ravencoin (RVN), and the next price target could be around $ 0.15.

On the other hand, if the price falls below the $ 0.050 support, it would be a firm “sell” signal, and we have the path open at $ 0.045.

Summary

The cryptocurrency market is moving forward in recent days, Bitcoin has advanced above the $ 39,000 resistance on Monday, and this situation also supports the price of Ravencoin (RVN). If the price rises above $ 0.10, the next price target could be around $ 0.15, but if the price falls below $ 0.050, it would be a strong “sell” signal.

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