Ravencoin has gained more than 1000% in just 20 days
- Ravencoin has surged by more than 1000% since the beginning of this month
- The growing interest in tokenized securities seems the reason behind the recent price rally
- Twitter is one of the reasons behind the spike in the price of RVN
Ravencoin (RVN), a peer-to-peer blockchain, was observed skyrocketing in recent days. According to the data from CoinMarketCap, it is observed that the crypto coin has surged by more than 1000% in just twenty days. Earlier this month, the cryptocurrency was trading at the level of $0.023868, and on Saturday, the token achieved a new all-time high, trading at the level of $0.280242. However, it is known that the reason behind the surge is growing interest in tokenized securities.
Ravencoin affected by the growing interest in tokenized securities
As traditional brokerages restrict stock purchases and create controversies around the space, interest in tokenized securities is observed. Indeed, with soaring interest, the value of projects like Ravencoin (RVN) has been observed increasing tremendously. However, a new buying volume has lifted the token’s price by more than 1000% over the period of twenty days.
At press time, the token is trading at the level of $0.2272 after surging by more than 52% over the last twenty-four hours. With the price, the average volume traded over the last 24-hours has also been increased by more than 200%.
Twitter is the reason behind the spike in Ravencoin’s price
Late last month, Ravencoin mentioned in a tweet that the traditional stock market is transforming, so the project allows its users to build services and issue assets. Since the project tweeted that, an increment in the activity of the project’s account was observed.
Later on, the project again tweeted, telling the specification of the RVN token. With the tweet, the price of the token was also observed soaring towards the level of $0.036 from $0.016.
RVN’s price performance and technical analysis
Over the last year, the Ravencoin was almost forgotten, but it is again back under the light with its recent performance. The token began pushing higher since the beginning of this month, stalling at the resistance level of $0.08 last week. After stalling for a few days, it gained back its bullish momentum on Thursday again, breaching the level of $0.1. Currently, the first level of support lies at $0.25, which is followed by $0.226 and $0.189.
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