- Ravencoin price rode an Upbit itemizing announcement to skyrocket with over 150% beneficial properties.
- However the rally was short-lived as aggressive profit-taking worn out a lot of the beneficial properties.
- The token is prone to rally amid enhancing sentiment.
Ravencoin (RVN) rocketed by greater than 150% in 24 hours, with huge beneficial properties coming amid the token’s itemizing on Upbit, South Korea’s largest cryptocurrency alternate.
The announcement, made by Upbit by way of its official X account, famous that the alternate will add buying and selling help for RVN towards the Korean Gained (KRW).
RVN coin’s surge noticed it hit highs of $0.027, its highest degree since mid-December 2024.
Ravencoin price – Upbit triggers 150% RVN rally
Upbit revealed the RVN/KRW market help in a put up on X, stating that buying and selling help for the altcoin would begin at 17:00 native time.
The alternate, recognized for its huge buying and selling quantity and buyer base in South Korea, typically sees explosive demand for newly listed tokens.
Little question that is what drove Ravencoin (RVN)’s price increased.
An imminent itemizing for an altcoin seen as among the finest minable tokens right now meant bulls have been in management inside hours of the announcement.
Information from CoinMarketCap reveals the token’s price greater than doubled in worth because it rose from lows of $0.010 to $0.027.
Whereas a little bit of revenue taking had it pare these beneficial properties, the price remained greater than 64% up in 24 hours, with intraday quantity skyrocketing 4,255% to over $399 million.
RVN price outlook
Along with the Upbit itemizing, Ravencoin is resurging amid a recent spike in bullish sentiment associated to mineable proof-of-work cash.
Lately, the Ravencoin group posted on X that RVN is at the moment seeing recent curiosity from miners.
With its KAWPOW algorithm designed to withstand ASIC dominance and encourage decentralized participation, many unable to mine BTC and different prime cash are flocking to Ravencoin mining.
This mining momentum, paired with the Upbit itemizing, might catalyse bullish momentum for RVN’s price. A retest of $0.027 is feasible.
The technical outlook nonetheless has the Relative Power Index (RSI) in overbought territory, which suggests a possible short-term pullback.
Then again, the Shifting Common Convergence Divergence (MACD) reveals a bullish crossover, indicating a probable upward continuation.
On this case, Ravencoin’s price might revisit the $0.014-$0.013 space for help. Demand reload at this degree and a profitable retest of $0.02 might support an upward flip. RVN price hit highs of $0.034 in early December 2024.
On the draw back, revenue taking might see RVN price retest $0.010 and doubtlessly April 2025 lows of $0.009.
