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- Ravencoin is a digital currency whose algorithm is based on a fork of Bitcoin, the most prominent and commonly used cryptocurrency.
- RVN, the same as Bitcoin, implements a similar algorithm with minor modifications.
- RVN also has a major benefit over other cryptocurrencies in that it can be mined on any of your Computers.
What is Ravencoin?
Ravencoin is a relatively new cryptocurrency, developed in the year 2018 on the Bitcoin fork. Ravencoin resembles some traits of Bitcoin, however, it has slight differences and modifications in its algorithm. Nevertheless, just like Bitcoin, Ravencoin is also powered by blockchain and is a decentralized cryptocurrency with no influence from government over it. The key feature to be discussed about Ravencoin is that it can be mined on a simple computer without the requirements of any type of heavy hardwares.
It was initially put in place as an exploratory digital currency in November 2017 by the infamous blogging platform Medium. Ravencoin’s founders resembled the fresh cryptocurrency with the prominent TV show “Game of Thrones” as an act of gathering publicity for the token.
After 2 months of this blog post, Ravencoin was born on 3rd January 2018.
What’s So Special about Ravencoin?
Ravenoin is designed in a way that it can be mined on your average computer. RVN must be very integrated and fast to solve the biggest issue of cryptocurrency mining, hardware requirements. Ravencoin is also independent of government authorities, just like other cryptocurrencies. Most infamous cryptocurrency miners use more complex and bulk of hardware to mine and simply generate the block. In contrast, Ravencoin, based on blockchain technology, supports the easy and more convenient way of dealing with math problems to generate a block or mine a cryptocurrency.
The Ravencoin blockchain tries to make math problems easy to understand, so that your ordinary computers can solve them. Notably, Ravencoin utilizes unique algorithms to avert the need for specialized and complex hardware to mine any cryptocurrency. This prevents the complexity of the riddles from increasing too quickly, driving out would-be miners.
The name of the algorithm which Ravencoin uses is KAWPOW. We won’t be discussing it further here because it will be more difficult for you to understand.
The steps of the creators of Ravencoin can be visualized as anyone from now on can mine a cryptocurrency with their average computer which is kind of availability to generate new nodes. This will make a widespread difference in the world of cryptocurrency. As more blockchain enthusiasts will engage themselves with their ordinary devices to mine and adapt cryptocurrency, to levitate the world of digital assets to the next level.
How to Mine Ravencoin?
If you wish to Mine Ravencoin, first create a digital wallet and get a wallet address. Once you set up your digital wallet, you can easily choose from more than a dozen mining pools registered with Ravencoin.
Mining Pool is a group of crypto miners who collectively use their computational resources to mine and increase the probability of searching a block or simply successfully mining for cryptocurrency.
Total Circulating Supply of Ravencoin
There exists a total of 21 billion Coins. As of June 5, 2022, 10.47 billion have been mined.
Ravencoin Price: Technical Analysis
Ravencoin price is presently CMP at $0.027 and has lost 0.14% of its market capitalization in the last 24-hour period. Trading volume has decreased by 27.59% in the intraday trading session. This shows that sellers are surrounding the token at the moment. Volume to market cap ratio is 0.01881.
RVN coin price must gain strong uptrend momentum to register its breakout from the horizontal range-bound area over the daily chart. The token must attract more buyers, and accumulation is must for the recovery. However, RV is said to hold a great potential to hike in the near future. In contrast, volume change can be seen below average and needs to grow for RVN to register its breakout.
Ravencoin has been consolidating inside the range of $0.025 and $0.032 since 14th May. The token at first gained around 120% of its market capitalization in the three consecutive trading sessions. After that, RVN lost the uptrend momentum and got stuck inside the range-bound area.
When will RVN Skip Consolidating?
Ravencoin price has been sideways inside a range-bound area over the daily chart. The token must gather the attention of buyers to skip the consolidation phase. Technical indicators do confirm the sideways momentum of the RVN coin. Moreover, super trend forecasts the long-term bearish momentum of the RVN coin over the chart.
Relative Strength Index showcases that RVN is heading towards neutrality, but the token has been below neutrality for a long time. RVN investors need to wait for any directional change over the daily chart. MACD exhibits the consolidation phase of the RVN coin. The MACD line is ahead of the signal line and is heading towards 0 to enter the positive zone.
Conclusion
Ravencoin is a relatively new cryptocurrency, developed in the year 2018 on the Bitcoin fork. Ravencoin resembles some traits of Bitcoin, however, it has slight differences and modifications in its algorithm. Ravenoin is designed in a way that it can be mined on your average computer. RVN coin price must gain strong uptrend momentum to register its breakout from the horizontal range-bound area over the daily chart. The token must attract more buyers, and accumulation is must for the recovery. RVN investors need to wait for any directional change over the daily chart.
Technical Levels
Support Levels: $0.025 and $0.020
Resistance Levels: $0.032 and $0.040
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
