- Ravencoin worth 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 more likely to rally amid bettering 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 trade.
The announcement, made by Upbit by way of its official X account, famous that the trade will add buying and selling assist for RVN towards the Korean Gained (KRW).
RVN coin’s surge noticed it hit highs of $0.027, its highest stage since mid-December 2024.
Ravencoin worth – Upbit triggers 150% RVN rally
Upbit revealed the RVN/KRW market assist in a submit on X, stating that buying and selling assist for the altcoin would begin at 17:00 native time.
The trade, identified for its huge buying and selling quantity and buyer base in South Korea, typically sees explosive demand for newly listed tokens.
Little doubt that is what drove Ravencoin (RVN)’s worth increased.
An imminent itemizing for an altcoin seen as probably the greatest minable tokens at present meant bulls have been in management inside hours of the announcement.
Knowledge from CoinMarketCap reveals the token’s worth 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 value remained greater than 64% up in 24 hours, with intraday quantity skyrocketing 4,255% to over $399 million.
RVN worth 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 staff posted on X that RVN is presently 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 high cash are flocking to Ravencoin mining.
This mining momentum, paired with the Upbit itemizing, may catalyse bullish momentum for RVN’s worth. A retest of $0.027 is feasible.
The technical outlook nonetheless has the Relative Energy Index (RSI) in overbought territory, which suggests a possible short-term pullback.
However, the Shifting Common Convergence Divergence (MACD) reveals a bullish crossover, indicating a probable upward continuation.
On this case, Ravencoin’s worth may revisit the $0.014-$0.013 space for assist. Demand reload at this stage and a profitable retest of $0.02 may help an upward flip. RVN worth hit highs of $0.034 in early December 2024.
On the draw back, revenue taking may see RVN worth retest $0.010 and doubtlessly April 2025 lows of $0.009.
