Ravencoin (RVN) price analysis for August 2021
Ravencoin RVN/USD currently trades around the $0.0588 level, and it would be a strong buy signal if the price jumps again above $0.10 resistance.
Fundamental analysis: There is still a level of uncertainty surrounding this project
Ravencoin is a peer-to-peer blockchain that enables you to transfer assets from one party to another. This project was launched at the beginning of 2018 with a focus on building a useful technology that enables you to create and trade any real-world (gold, silver, land deeds) or digital (gaming items, software licenses) assets on its network.
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This project is led by the core developers: RavoncoinDev, Tron, and Chatturga, and as a young project with strong competition, it’s difficult to predict how successful Ravencoin will be in the next several years.
Ravencoin is based on a fork of the Bitcoin code, and it is important to say that you can make your own token on this blockchain. These tokens can be limited in quantity, named, and be issued as securities or as collectibles, while you can also message anyone who holds your tokens, allowing specific holders to be notified when they might need to vote on new proposals. RVN coin is used as a governance token for this project, and to create a new crypto asset, you must burn (or destroy) a certain amount of RVN coins.
Ravencoin uses a similar consensus mechanism to Bitcoin’s Proof of Work (PoW) to secure its network, called KAWPOW. On the other side, Ravencoin differs from Bitcoin because it has a block 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 rising across the globe, while more and more exchanges are offering this cryptocurrency. Fundamentally looking, there is still a level of uncertainty surrounding this project, and its success mainly depends on its strategy to expand its market influence.
Technically looking, Ravecoin (RVN) extended its correction from the record highs above $0.28, registered in February 2021, and if you decide to trade this cryptocurrency in August 2021, you should use a “stop-loss” order because the risk remains high.
Technical analysis: $0.10 represents a strong resistance level
The critical support level stands at $0.050; $0.10 and $0.15 represent the important resistance levels. If the price jumps 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 side, if the price falls below $0.050 support, it would be a firm “sell” signal, and we have the open way to $0.045.
The cryptocurrency market is advancing last several days, Bitcoin has advanced above $39000 resistance on Monday, and this situation also supports the price of Ravencoin (RVN). If the price jumps above $0.10, the next price target could be around $0.15, but if the price falls below $0.050, it would be a firm “sell” signal.
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