Over the past few weeks, it has become relatively silent as far as Ravencoin is concerned. Although the altcoin used to be popular among altcoin traders, it seems most of the excitement has worn off. Steep losses push the Ravencoin price down to just above $0.01, albeit that level might necessarily hold for long.
Ravencoin Price Pressure Gets Real
It is not the best of periods for altcoins traders and speculators. All of the markets are facing a lot of negative pressure right now, primarily because Bitcoin can’t hold its own. As such, it is only normal the overall bearish pressure will remain present for quite some time to come. This doesn’t bode well for altcoins which recently got pumped quite hard, including the likes of Ravencoin.
Over the past 24 hours, the Ravencoin price has declined to $0.010337 or 300 Satoshi. This mainly stems forth from the latest 5.5% decline in both USD and BTC value alike. This is not necessarily the result of just Bitcoin’s ongoing downtrend, although it quickly becomes apparent that is not helping matters all that much either. The overall RVN trading volume is still going strong, for the time being.
On social media, there are still some interesting discussions taking place regarding this once popular altcoin. Sengtha would love to see Ravencoin being listed as the only “not a security” token on the market today. While that could certainly be an applicable label, it seems unlikely an official verdict will be rendered in this regard in the foreseeable future. As long as the “security uncertainty” remains in place, these markets will continue to deal with a lot of pressure.
— Sengtha (@sengthac) February 4, 2019
Most people are looking at the current RVN price chart first and foremost. Although it remains to be seen how the price will evolve exactly, it seems the coming hours and days will be quite crucial for this particular token. With the 300 Satoshi level being broken earlier today, the bounce will need to materialize fairly soon or even steeper losses will be noted across the board.
We’ve now seen sub 300 #RVN for the first time since October
— Posty (@PostyXBT) February 4, 2019
For those looking for a buy signal – even though this information is unreliable in 99.9% of all cases – it seems the RVN/BTC ratio will be well worth keeping an eye on moving forward. Assuming there is another opportunity to buy below 300 Satoshi, traders could easily flip RVN at 305 Satoshi or better for some quick profits. Not necessarily the biggest profit in history, but still better than nothing.
BUY UNDER: 0.00000300
— hirn (@hirn_Crypto) February 4, 2019
Considering how all of the Ravencoin market momentum is pretty negative right now, it seems unlikely any real changes need to be expected moving forward. The main question is whether or not RVN will bounce below 300 Satoshi in the coming hours, or simply continue to drop to 275 or potentially even lower. As such, the coming hours may prove to be rather crucial for this particular project.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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