Ravencoin (RVN) skyrockets by 11%

According to CoinMarketCap, Ravencoin is the current market leader, with a nearly 11% price increase in the last 24 hours, making it one of the most profitable coins among other digital assets.

The fundamental factors behind growth

We experienced a similar price behavior on Raven in the beginning of August and end of July, when the cryptocurrency rose by more than 70% in just three days, bringing record-breaking profits to its holders.

While nothing happened around the coin and its ecosystem, the increase was too rapid to consider it a part of certain traders’ and investors’ speculative trading.

The purported cause of such a quick price spike was the transfer of miners from Ethereum, which will undergo a huge Merge update that would permanently disable the PoS consensus method.

With the second-largest network in the blockchain industry becoming PoS-only, a vast market space opens up as miners shift their hashpower elsewhere. Ravencoin might be an excellent candidate.

With the network’s hashrate increasing and miners migrating, investors are seeing more promise in networks such as Rave, Ethereum Classic, and others, resulting in an increase in trade volume and price performance.

RVN technical evaluation

From a technical standpoint, RVN is not displaying any clear indicators that will tell us about the asset’s future. For the last 480 days, the coin has been on a sustained slump.

If the assets manage to break the next local resistance level of the 200-day moving average, the recent breakthrough could signal an impending long-term reversal.