Ravencoin is a peer-to-peer (P2P) digital network that aims to implement specific blockchain use cases.
Designed to handle a specific function efficiently, it transfers assets from one party to another and is built on the Bitcoin code fork.
Founded in 2017 by Bruce Fenton, Tron Black and Joel Weight.
As a Bitcoin code fork, Ravencoin features four major changes namely a modified issuance schedule (with a block reward of 5,000 RVN), block time reduced to one minute, coin supply limited to 21 billion (ten times more than BTC) and a mining algorithm (KAWPOW, formerly X16R and X16RV2) are intended to reduce mining centralization caused by ASIC hardware.
Next, examine the RVN/USDT price movement chart.
RVN displayed an excellent 2021 market record by producing an aggressive gain of over 2,000% in the 2 months from January to February by recording its latest all -time high (ATH) at the $ 0.28 price level.
However, the positive situation did not last long when the collapse of the crypto market, especially the sharp decline in the value of Bitcoin, affected the value of other cryptocurrencies, including Ravencoin, which was also affected.
At the opening of the market in June, the price movement was seen moving weakly to decline to the support level around $ 0.042 which is the concern of investors.
From a technical point of view, the price movement is seen to have managed to pass the support and is testing the SBR zone (support become resistance) around $ 0.05 which will be tested first before continuing higher.
However, if the RVN price returns to see a bearish trend, the price movement will re-test the support zone around $ 0.048- $ 0.050 either making a ‘rebound’ or continuing the decline to the lowest level ever recorded before.
