How bullish is Ravencoin (RVN/USD) after the Binance news?

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  • Ravencoin recovers slightly after support from Binance Pool

  • The cryptocurrency trades in a descending trendline

  • RVN could drop further, although technical indicators have improved slightly

Ravencoin (RVN/USD) was trading at $0.022 at press time after a minor correction. The cryptocurrency earlier developed some bullish signals as it jumped from the $0.020 low to $0.025 level. profit came behind positive cryptocurrency news,

As announced on November 23, Binance Pool is supporting RavenCoin. RavenCoin mining service will use PPS+ settlement, with the mining pool fee set at 1%. The support fueled demand for the coin following the September Ethereum merge. Ravencoin uses a proof-of-work consensus mechanism. The change to Ethereum’s proof-of-state consensus mechanism, therefore, boosted the demand for PoW tokens such as RVN.

RavenCoin itself is a fork of Bitcoin, a PoW blockchain. Blockchain is a peer-to-peer network that lets users create tokens for any asset. The latest support from Binance Pool adds to the optimism that RVN can pull out a prolonged downtrend. But just how bullish is the cryptocurrency?

RVN is in a descending channel as gains fail to inspire a rally

RVN/USD Chart by TradingView

Despite recent gains, RVN has yet to recover from a sharp decline since September. The cryptocurrency trades on a descending trendline. It tested the upper boundary of the trendline and is facing some resistance.

The MACD and RSI indicators, however, are positive on RVN. The MACD line crossed above the signal line to suggest a bullish reversal. However, the indicator is still bearish. Similarly, the RSI has corrected slightly but the reading remains below the midpoint.

Should You Buy RVN?

Ravencoin’s momentum could be sustained for some time. If buy rvnYou should know that further downside is possible depending on the price action.

where to buy rvn


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