- RVN has made its way to the top spot on CoinMarketCap’s trending list.
- The price of Ravencoin has risen 78% in the last month.
- Investors need to keep an eye on the daily RSI that is sloped towards oversold territory.
The Ethereum mining alternative, Ravencoin (RVN), is occupying the top spot on CoinMarketCap’s trending list today. This is mostly due to the fact that the token is up more than 70% over the last week.
According to data from the market tracking website, CoinMarketCap, RVN is currently trading at $0.067 after a 3.94% increase in price over the last 24 hours and after reaching a high of $0.07529 over the same time period.
The positive daily performance of the crypto has added to its longer-term performance, as RVN is up more than 70% over the past week and 78% over the last month.
RVN has a market cap of $668,974,632, which ranks it at number 62 on CoinMarketCap’s list of the biggest cryptos in terms of market cap. The coin’s 24 hour trading volume is also up more than 61.1% for the day so far, taking the total to $534,570,609.
Daily chart for RVN/USDT (Source: CoinMarketCap)
RVN has been on a steady incline on the daily chart, printing higher highs and higher lows for the last 7 days. This gradual incline has taken its price from $0.03640 to its current level at $0.067.
The relative positions of the 9 and 20 EMA lines are a bullish sign, with the shorter 9 EMA line positioned above the 20 EMA lines. Plus, both EMAs are sloped positively.
There does, however, seem to be a contradiction with what the EMA lines suggest, as the Relative Strength Index (RSI) indicator is sloped negatively towards oversold territory. Despite this fact, the RSI is still positioned above the RSI SMA line, which is still a bullish flag.
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