Ravencoin Price Prediction: RVN Gives Up 11% – Gearing Up for the Big League?

The peer-to-peer network Ravecoin has recorded a 92.63% surge in the trading volume of Ravencoin’s native token RVN. This surge confirms rising trading activity in the ecosystem.

Ravencoin’s market value is $0.015 at 6:41 a.m. EST, representing a 1.8% increase in the last 24 hours. The gains for the asset today will likely spark hope of a rally among investors. 

Ravencoin’s Price Action Hints At Possible Downtrend Ahead

KAVA is in a sideway trend, gaining a positive change from its generally bearish outlook. It lost 7.8% of its value in the last seven days and 16.7% in the previous 30 days. Also, the year-to-date ratio is down by 48.8%, showing a progressive decline in the asset price. 

Data from Tradingview.com reveals a steady decline from July 24, with lower lows on the daily chart. However, August 18-23 represents a consolidation phase for the asset, with an attempt at a recovery between August 18-19. 

Ravencoin RVN Trades Below SMAs, Should Holders Sell?

RVN trades below its 50-day and 200-day Simple Moving Averages (SMA), confirming that the sellers dominate the market today. 

It dropped below the SMAs on April 19, and despite the bullish rally to send it above the 50-day SMA on June 30, the bears forced another decline on July 24. August 15-17 marks the most notable price drop from July 24. 

The $0.017 support failed to hold, leading to a further decline for the asset. Today, the Relative Strength Index (RSI) indicator with a value of 33.73, close to the oversold region of 30, confirms the bearish sentiment. 

The Moving Average Convergence Divergence is below its signal line but shows a fading sell signal. This suggests that the sellers might relent in the coming days. 

Also, its fading Histogram bars hint at a potential recovery for the asset, although there are no guarantees in the short term despite massive trading activity today. 

RVN formed three consecutive red candles between August 20-22 before starting a green candle today. Traders should watch out for the closing candle for today (August 23) to confirm the next price moves of the token. 

RVN’s Support And Resistance Price Levels 

The chart above reveals bearish solid pressure at the $0.016 level that RVN tested repeatedly, failing to break above it.

However, the $0.015 support level prevents the asset from declining further, hinting at a possible recovery at some point. The August 23 and 24 candles will confirm the next price direction.

If RVN closes above the $0.016 resistance level, then $0.17 remains the next realistic price target for the asset. However, investors must apply caution since there are no certainties in the crypto market. 

Ravencoin Financial Struggles Likely Affecting Price 

Co-founder of Ravencoin Tron Black said the platform is great for asset tokenization. Black noted that open-source projects like Ravencoin that did not raise funds have the advantage of overcoming legal issues but need more marketing budgets.

Awareness.

Pure open-source projects like #Ravencoin $RVN that didn't raise funds have an advantage of not having legal issues, but also don't have marketing budgets.

I'll leave this here:https://t.co/oOtFcbAg2T

— Tron Black 🅁🅅🄽𓄿₿ (@tronblack) July 19, 2023

These financial restrictions are likely behind the price slump in the ecosystem in the past week. However, RVN’s price gains in the past 24 hours might be a product of the willpower of its community, with over 93K Twitter followers. 

These community members hope for a price surge ahead and still engage in AMA spaces on Twitter to share new developments in the ecosystem. 

Vibing with @tronblack all about @Ravencoin #RVN https://t.co/nhwOytHjyM

— RÀ ¹³³⁷ (@RavencoinAssets) July 25, 2023

But while uncertainty characterizes RVN’s market moves, investors could consider diversifying their portfolio to emerging but promising assets in presale stages. 

Viral Sonik Coin Hits $355K in Presale with Over 13 Billion Tokens in Staking Smart Contract

The first fastest stake-to-earn (S2E) crypto project, Sonik, has hit $355K in its ongoing token presale, showing the increasing interest of investors toward the project.

Not cool. not fast.
13 days left, join now: https://t.co/s1fTdXDQCK pic.twitter.com/BBnHSOwvsN

— SONIK COIN (@Sonikcoin) August 23, 2023

Although it has no affiliation with the popular animated character Sonic the Hedgehog, its inspiration from this character is boosting its popularity and iconic status across the meme and internet cultural landscape. 

Furthermore, the project boasts the first-ever stake-to-speed crypto project that comes with a high-reward potential token, $SONIK. On the other hand, its staking features are an outstanding attribute that puts Sonik ahead of many meme coins in the crypto market. 

According to the Sonik Staking Dashboard, more than 13 billion $SONIK tokens out of the 299 billion supply have been staked in the staking smart contract.

Most early investors have monetized their funds instantly by buying and staking their $SONIK tokens even while the presale is still running. This way, these early investors will have tangible certainty of receiving staking rewards.

The Sonik coin’s handsome annual percentage yield (APY) for its staking participants aligns with the overarching objective of driving $SONIK to significant achievements.

The staking concept is leaving a substantial imprint, immersing itself extensively in meme coins and ‘version 2’ themed cryptocurrencies.

Considering the high estimated yield of the APY, investors who want to partake of this massive reward can buy and stake $SONIK now while it’s priced at $0.000014.

Also Read:

• Inery Price Prediction as INR Dumps 9% – Riding the Bearish Wave?
• Bitcoin Price Prediction: BTC Dropped 15% Last Week – What’s Going On?

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