Today we’ll be talking about a cryptocurrency that seems to have come out of nowhere to jump into the top fifty cryptocurrencies: Ravencoin. It might sound like something from a horror story, but RAVENcoin is nothing to be afraid of– the token gained over 33% in the past three days, and 424% over the past month.
So let’s take a look at Ravencoin to find out why this coin is seeing such huge gains.
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Unlike a lot of new coins, there was no Ravencoin ICO, premine or development fund. The only way to create Ravencoins is by mining, and development is a group effort from anyone who’s interested in the project.
Ravencoin’s code is based on Bitcoin, with a few key differences. One is the mining algorithm, which is specifically designed to make it hard to build special
mining machinery. Instead, anyone can mine Ravencoin on a home computer. That ensures the network stays decentralized, without being dominated by a few big
Ravencoin is specifically designed for one purpose: tokenized assets. Although Bitcoin and Ethereum can also handle tokenized assets, that’s not their main purpose. But Ravencoin is specifically designed to make it easy to create and exchange assets, like stablecoins, utility tokens or cryptokitties.
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But there are a few other things you can’t do on Ethereum. For example, Ravencoin makes it easy to send rewards, like dividends, to everyone who owns your project’s asset token. Or you can create communications tokens, and send
messages to anyone who owns that token.
Altogether, Ravencoin adds some interesting twists when it comes to token creation. It was started at the beginning of last year, so if you got in the mining game early, the latest growth could definitely help your portfolio.
Ravencoin creators also took a unique approach to creating asset tokens, but they’ll have to run pretty fast to catch up with the bigger networks.
Now what if you don’t want to get bothered with mining and would like to buy RVN tokens directly from your exchange? You can do that in a number of exchanges including Binance and Bittrex. But when is the best price to buy?
RVN Price Action Analysis
Raven has been moving up in a raving bullish movement and some investors may even be getting n out of FOMO – Fear of Missing Out. But how high can it go before the inevitable pullback? And how much will it drop?
Well, there’s still not enough historical data for RVN’s price action but during its last bullish move back in March, it pulled back towards the 38% Fibonacci retracement level before moving back up. With the bullish momentum appearing to be slowing down today, we could expect a pullback towards key
Fibonacci retracement levels this time around as well. I’ve marked these level here in purple.
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Now I’d like to hear from you. Would you rather mine Ravencoin or buy its token on an exchange? After you use the red button below to subscribe to our Video Briefings, head over to the comment section, give me a shoutout and let me know. Thank you so much for tuning in, and I’ll see you with more updates next time.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.