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pepe
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bonk
Bonk (BONK)
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bitcoin
Bitcoin (BITCOIN)
$112,509 -1.57%
ethereum
Ethereum (ETHEREUM)
$4,589 -6.00%
binancecoin
BNB (BINANCECOIN)
$865.69 -0.61%
solana
Solana (SOLANA)
$196.68 -5.46%
ripple
XRP (RIPPLE)
$2.95 -2.92%
shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000021 -7.38%
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Ravencoin Price Prediction: Why RVN Could Soon Hit $0.10

Highlights:

  • Ravencoin is down today after a vertical rally on Friday, August 22
  • Rebound off support could see Ravencoin’s momentum rally to $0.10 short-term
  • More long-term Ravencoin could do 100x from its current price level 

Ravencoin (RVN), like the rest of the market, is in a slight correction today. It reflects the weak price action across the market today. At press time, Ravencoin stood at $0.0133, down by 3.59% in the day. However, trading volumes have risen in the same period, up by 12.94% in the day, to stand at $12.66 million. 

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This points to a situation where short-term traders could be looking to exit from their Ravencoin trades. It’s a reflection of the correction across the market as investors await the broader market clarity in the week. Despite the intraday correction, the odds favor a Ravencoin rally once the market regains upside momentum. 

Ravencoin’s Low Marketcap Makes It Attractive to Investors

Ravencoin has a market capitalization of only $205.94 million. This is a relatively low market cap in a market where even meme coins have their market caps in the tens of billions. With market sentiment increasingly hinting at the beginning of a bull rally, the odds are that investors will gravitate towards top cryptocurrencies that have a low market cap due to their high return potential.

At its current price point, for instance, Bitcoin is unlikely to do more than 2x within this cycle. However, an altcoin with a market cap below $500 million could easily do 100x in a FOMO-driven all-out bull market. This puts Ravencoin firmly among the cryptocurrencies that could outperform the market once bulls are in control. 

Ravencoin Has A Solid Use Case

Besides its low market cap, Ravencoin has a solid use case that supports the potential to attract capital in an all-out bull market. Ravencoin is an infrastructure cryptocurrency, one of the fastest-growing crypto market segments at the moment. It is a peer-to-peer platform for the creation and asset transfers between parties. This is a high-growth market as the world increasingly embraces decentralization.

Platforms like Ravencoin could gain multi-billion-dollar use cases in markets as diverse as finance to NFTs. There is a lot of excitement around infrastructure cryptocurrencies in this cycle. This strong use case, coupled with a market cap in the low hundreds of millions of dollars, could see Ravencoin rally to new highs as bullish momentum builds up. It could trigger a 100x rally for Ravencoin within the year. 

Macro-Economic Conditions Favor Ravencoin and Other Risk-On Assets

The macro environment also favors a parabolic price rally for Ravencoin. The markets have been on edge in recent weeks due to fears that the Federal Reserve might decide to hike interest rates. These fears increased after data showed that wholesale prices were on the rise, which meant inflation could be headed higher in the foreseeable future. 

However, this uncertainty ended on Friday after the Fed Chairman, Jerome Powell, gave his speech at the Jackson Hole Symposium. He confirmed that a rate cut is coming, a factor that saw risk-on assets make impressive single-day gains. This momentum is likely to keep rising, and low-cap altcoins that have solid fundamentals, such as Ravencoin, could go parabolic.

Technical Analysis – Ravecoin Trending Towards Support

On Friday, Ravencoin recorded a vertical rally driven by news that the Federal Reserve was going to cut interest rates. However, the profit-taking that followed over the weekend saw Ravencoin start correcting.

RVN
Source: TradingView

Currently, Ravencoin is trending towards multi-day support at the $0.0128 level. If this support holds, a rebound follows, then Ravencoin could retest Friday’s high of $0.0146. A rally through this resistance could see Ravencoin hit highs of $0.10 in the short term. More long-term, Ravencoin could end up doing 100x or more. 

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