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How bullish is RavenCoin after the Binance news?

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  • RavenCoin recovered barely after Binance Pool assist

  • The cryptocurrency trades in a descending trendline

  • RVN may fall additional, though technical indicators have barely improved

Ravencoin (RVN/USD) traded at $0.022 at press time after a slight correction. The cryptocurrency had developed some bullish indicators beforehand, leaping from a low of $0.020 to $0.025. The positive aspects got here on the again of constructive cryptocurrency news.

In accordance with a November 23 announcement, Binance Pool is supporting RavenCoin. The RavenCoin mining service will use the PPS+ settlement, with the mining pool charges set at 1%. The assist comes after September’s Ethereum merge fueled demand for the token. RavenCoin makes use of the proof-of-work consensus mechanism. Ethereum’s shift to the Proof-of-State consensus mechanism, due to this fact, fueled the demand for PoW tokens like RVN.

RavenCoin is itself a fork of Bitcoin, a PoW blockchain. The blockchain is a peer-to-peer community that lets customers create tokens for any property. The newest assist by Binance Pool raises optimism that RVN may overcome a chronic drop. However how bullish is the cryptocurrency?

RVN on a descending channel as positive aspects fail to encourage a rally

RVN/USD Chart by TradingView

Regardless of the current positive aspects, RVN is but to beat a steep descent that has been in place since September. The cryptocurrency trades on a descending trendline. It examined the higher certain of the trendline and is going through some resistance.

The MACD and RSI indicators are, nevertheless, constructive on RVN. The MACD line crossed above the sign line to recommend a bullish reversal. Nevertheless, the indicator remains to be bearish. Equally, the RSI recovered barely, however the studying stays beneath the midpoint.

Do you have to purchase RVN?

RavenCoin’s momentum may final for some time. If buying RVN, you have to be conscious that additional downsides are doable primarily based on the worth motion.

The place to purchase RVN

OKX

OKX is a high cryptocurrency trade which presents over 140 cryptocurrencies to put money into. OKX takes buyer safety very critically, they retailer virtually all of their shoppers’ funds in chilly storage, and the trade is but to be hacked. On high of this, the trade presents very low charges and prospects may even use their crypto as collateral for loans on the platform.

Buy RVN with OKX today

Binance

Binance is without doubt one of the largest cryptocurrency exchanges on the planet. It’s higher suited to extra skilled traders and it presents a lot of cryptocurrencies to select from, at over 600. Binance can be recognized for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, reminiscent of; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.

Buy RVN with Binance today


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