The cryptocurrency industry is a wild world where just about anything goes. New projects are popping up nearly each and every day, with the majority of them set on building upon what Bitcoin started so many years ago.
As the industry has grown, certain coins have emerged that have use cases that vastly differ from Bitcoin, Ethereum, Litecoin, Ripple, EOS, and other top crypto assets. Ravencoin coin is one of those coins, however, not designed to be a payment currency like Bitcoin and has a unique use case of its own.
However, the asset does share several key similarities with Bitcoin, such as there only being 21 billion RVN tokens compared to Bitcoin’s 21 million BTC. But just because it shares some similarities with Bitcoin and has carved out its own innovative niche in the cryptocurrency market, that doesn’t necessarily mean that it makes an excellent investment.
This guide will offer a look at technical analysis on Ravencoin, provide various realistic Ravencoin price predictions from experts, and attempt to answer the question “will the price of Ravencoin go up” in the future?
Ravencoin, first and foremost, is a cryptocurrency trading under the RVN ticker symbol. It trades commonly against USD and BTC on cryptocurrency exchanges and cryptocurrency trading platforms. It was launched on January 3rd, 2018, just as the cryptocurrency bear market started.
Ravencoin cryptocurrency is a blockchain designed to allow users to create and transfer digital assets from peer-to-peer. Other blockchains can also transfer assets, but they are slow and not ideal for this purpose because they were not explicitly designed for this task.
Ravencoin can be used to issue asset tokens for anything from real estate and company shares to video game collectibles and community points. Anyone can create new assets using Ravencoin but must burn tokens to do so.
The open-source project doesn’t have a well-established team or development foundation and is instead led by other core developers such as The Bitcoin Foundation’s Bruce Fenton. However, because of its potential projected value, it has earned financial backing and support from the likes of crypto supporter and Overstock CEO Patrick Byrne.
Ravencoin is a hard fork of the Bitcoin blockchain and uses a similar UTXO model. It has one of the better fork price predictions compared to assets like Bitcoin Cash, Bitcoin SV, and others. It differs in the total maximum Ravencoin supply of 21 billion versus 21 million BTC, a faster block generation time just one-tenth of Bitcoin’s, and uses a different mining algorithm to prevent ASIC mining.
Ravencoin’s reward issues began at 5,000 RVN coins. Ravencoin wasn’t created as part of an initial coin offering and without a pre-mine. Unlike Ripple, Ethereum, and other top projects, RVN tokens aren’t held by founders in a pool that looms over the market as potential distribution.
First, to create a new token, an amount of RVN must be burned and a name for the token chosen. At the time tokens are made, the total supply and future issuance can be selected.
The current price today as of the time of this writing is $0.017, putting the altcoin ranked at 89 in the top ten crypto assets by market cap. The price tomorrow could be anything. However, speculation points to enormous projected growth. The outlook on the asset’s long term value is mixed, however, according to prediction charts based on technical analysis.
Ravencoin coin started out its journey in 2018, just as the crypto bubble popped, and the bear market began. Its crypto market price history started off at just over a penny in early 2018 just as CoinMarketCap began aggregating data on RVN token.
At the peak in June 2019, Ravencoin crypto reached a high of $0.073 per RVN token and a market cap of $250 million dollars. But since then it has fallen back down to where it started. But that thus far has been how Ravencoin has behaved. Technical analysis shows that Ravencoin spikes and brings investors enormous gains and returns, however, it nearly retraces the entire move up and winds up back at lows. Will this historical instance ever change, or will Ravencoin keep on falling back to lows and fail ever to gain the momentum it needs to meet the lofty long term price predictions and potential growth projections that many expect it to reach?
Positive Ravencoin news is likely needed to change the Ravencoin trend back toward the positive and become profitable again. Only then can it get back to following its minimum estimated growth experts predict.
According to the site’s estimates, machine-learning based cryptocurrency price forecasting website Digital Coin Price puts Ravencoin future value at a maximum of ten cents per token.
Wallet Investors has a bearish stance on Ravencoin potential, offering a RVN price prediction where the asset falls to extreme lows or just $0.001.
Cryptocurrency forecasting website Coin Predictor offers a Ravencoin forecast where it falls in the short term. They say a $1,000 investment could fall to as low as $891 in the days ahead if the asset remains so bearish.
Another price prediction database, Trading Beasts, claims that the Ravencoin price target will reach as high as $0.03 in 2023, which is very little in terms of ROI over the next three years.
Bruce Fenton from The Bitcoin Foundation warns that investing in crypto is risky and you could lose all of your money. Fenton is a developer behind the open source project, making his RVN price prediction somewhat surprising.
The Overstock CEO sees Ravencoin potential as enormous, and Ravencoin projected growth to be something worth getting behind. Patrick Byrne has invested millions of his own money in supporting the project. Patrick Byrne, a firm crypto supporter, believes that Ravencoin will rise in value in the future.
Ravencoin coin sentiment is extremely low and bearish, which isn’t a good sign for the asset as a long-term investment. Social volume is decreasing, even with the number of news articles surrounding the crypto asset growing.
With sentiment in the gutter, price predictions mostly predicting downside, what does RVNUSD technical analysis say about what to expect for a Ravencoin price forecast in the future? Is there any critical Ravencoin buy or sell signals to look out for? Let’s dig in.
Ravencoin growth in 2020 doesn’t look likely. The asset is still trapped below a downtrend line that has kept prices at bay for the last two years.
At the bottom of the recent downtrend, a pennant has begun to form. These patterns are usually continuation patterns that suggest that Ravencoin could fall to new bear market lows.
However, if Ravencoin rises and breaks up from the chart pattern, a retest of highs is likely.
Looking ahead, Ravencoin could see a strong breakout of the downtrend line, which would result in a powerful parabolic rally to ten cents per RVN token.
If the same fractal pattern repeats, Ravencoin could potentially reach a price of $0.70 per token in the future, however, because the asset is so new and these projections are so far out, these price targets are nothing more than speculation based on patterns alone.
How far Ravencoin ultimately goes is anyone’s guess, and with so many bearish predictions, the direction could be down and not up.
Ravencoin could rise, or could fall, according to technical analysis and expert price projections and forecasts from some of the crypto industry’s best.
With such a broad range of price predictions, the outlook on Ravencoin is extremely mixed. For those considering investing in Ravencoin, other alternative crypto assets may make for a far better ROI thanks to much healthier projected growth.
Ravencoin is an altcoin based on a Bitcoin hard fork, but has many differences from the leading cryptocurrency by market cap. Ravencoin lets users issue assets or tokens that represent other collectibles and more.
It’s difficult to say with so little price history to go on, and with sentiment and expert predictions mixed, the outlook isn’t as good with Ravencoin as other crypto assets.
Ravencoin could go up to meet some of the targets provided, especially if the repeating fractal breaks out to the upside. If not, Ravencoin could fall to many of the low targets offered.
Ravencoin is not going up; it has been going down and has been stuck in a downtrend for a year now. It is difficult to say for sure if it will go up in the future unless the asset can break out from the downtrend line.
If you must invest in Ravencoin, it is best to buy it when it is going down to get the most financial opportunity out of the investment. Just remember to use a stop loss and never invest more than you can afford to lose.
It may never reach a new record, unfortunately. Some projects just don’t have the same promise as Bitcoin, Ethereum, and others. This is why Ravencoin has fallen so low in price and in the crypto market list of top crypto assets.
Maybe nothing. But if you must get started investing in Ravencoin, then start very small and test the waters. Never invest more than you can afford to lose, and remember to employ strict risk management strategies.
Not at the moment. Things are looking too bleak for Ravencoin, and a breakout of the downtrend line is needed before it is recommended to invest. It could happen in 2020, and it could happen in 2025, or as far out as 2030. Whenever it happens, it is wise to wait for some positive momentum before taking a position in Ravencoin.
|Exchange||Volume change, 24h|