The cryptocurrency market has been witnessing a bullish rally run in recent months, with various coins showcasing strong bullish strength However, one coin that has particularly captured the attention of some investors and traders alike is Ravencoin (RVN). Launched on October 31, 2017, this peer-to-peer blockchain network has been on an upward trajectory since mid-March, leaving market some participants in awe.
RVN’s price surged from around $0.02206471 in mid-March, then skyrocketed to $0.4995782 at the time of writing, which is more than 2100% increase in the past two weeks. While the crypto market is known for its volatility, the coin’s bullish strength has remained robust despite facing minor drawbacks along the way.
Providing a technical analysis perspective, World of Charts on X, a crypto analyst with over 30,000 followers, explained that the coin’s impressive profit of over 70% since its recent breakout showcases its strong momentum. The coin has successfully overcome key resistance levels and has solid support, as indicated by successful retests. Currently, it is challenging another crucial resistance level, and a clear breakout could propel Rvn towards 0.075-0.08
The bullish sentiment surrounding Ravencoin has also prompted Crypto Wealth Embassy, another X user, to express his excitement and optimism about RVN’s potential to his over 71,000 followers. He said, “RVN PUMP in sight! Can we reach 0.07 and then 0.10? I’ve been incredibly patient… It brings me great joy to witness this!
More so, the optimism surrounding the coin also stems from its strength against Bitcoin. RVN has successfully broken the resistance level at 0.00000045, resulting in a bullish trend over the past four days. In the past 24 hours alone, the coin has gained 45.28% against BTC. Commenting on this strength against Bitcoin, a crypto analyst on X, Simpie.rvn, shared his perspective: “$RVN against #Bitcoin. Persistence will pay off. We are so back! Dips are for buying!”
Judging from this, analysts remain bullish on RVN’s future trajectory, with potential price targets of 0.07 and 0.10. If the momentum continues to stay high, a breakout from 0.1 could result in the coin spiking as high as its previous all-time high of 0.2854. This represents an increase of about 185.4%. Considering the coin has already experienced a massive surge of over 2100% in just two weeks, the probability of it reaching its previous all-time high remains visible.
