Ravencoin skyrockets by 150% amid Upbit listing excitement.

Ravencoin skyrockets by 150% amid Upbit listing excitement.

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Ravencoin (RVN) experienced a dramatic surge of over 150% in just 24 hours following its listing on Upbit, South Korea’s largest cryptocurrency exchange. Despite some profit-taking that followed, experts believe the token has the potential to rebound as market sentiment improves.

Ravencoin Price Surges After Upbit Listing

Upbit confirmed its support for trading the RVN/KRW pair through a post on its official social media account, emphasizing that trading would commence at 5:00 PM local time. Known for its substantial trading volume and active user base, the exchange frequently sees significant demand for newly listed tokens.

The anticipation surrounding the listing played a key role in the rapid price increase of Ravencoin. As per CoinMarketCap data, RVN’s price skyrocketed from $0.010 to $0.027, marking its highest point since mid-December 2024.

Although traders took some profits, the token still recorded an impressive 64% rise in value within the 24-hour period, with the intraday trading volume surging by 4,255%, exceeding $399 million.

RVN Price Outlook

In addition to the Upbit listing, Ravencoin is making waves amid a renewed bullish sentiment surrounding proof-of-work cryptocurrencies. Recent updates from the Ravencoin team indicate a growing interest from miners, aided by its KAWPOW algorithm designed to decentralize mining activities and mitigate ASIC dominance.

This influx of mining activity, coupled with the Upbit listing, may propel RVN’s value further. A revisit to the $0.027 mark is possible if demand remains strong.

Technical indicators suggest that while the Relative Strength Index (RSI) indicates an overbought condition, a bullish crossover on the Moving Average Convergence Divergence (MACD) suggests the potential for continued upward movement. Should RVN pull back, support could be found in the $0.014 to $0.013 range, with a positive retest of $0.020 potentially leading to a further increase.

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Conversely, profit-taking may drive the price down to retest the $0.010 level and potentially retouch the April 2025 lows of $0.009.

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