Although most of the top cryptocurrency markets remain in the red this morning, exciting things are happening further down the rankings. Ravencoin is going through another major uptrend for the second time in a few weeks. With this latest push, its value has surpassed $0.05, although it appears to be a matter of time until profit taking will begin setting in.
Ravencoin Price Surge is Shocking
Although altcoins tend to lend themselves to pump-and-dump schemes, it would appear the trend affecting Ravencoin is very different. Despite generating more trading volume than its market cap is worth, the altcoin is not backing down by any means. It is the second time this month very aggressive gains are noted, which makes for a very entertaining market first and foremost.
Over the past 24 hours, the Ravencoin price has noted another 45% increase without much effort. There is also a very similar gain in the RVN/BTC ratio to take note of. Most of this momentum appears to originate from the Binance exchange, as well as Bittrex and Upbit. This healthy nudge in trading volume is also pretty compelling, as it makes for a very liquid altcoin market.
When looking across social media, it seems Ravencoin is getting a lot of attention right now. That is anything but surprising, as everyone wants to make a lot of money right now. HitamSusu seems to think there is a bullflag within Ravencoin’s bullflag trend already, which would make for a very compelling market to keep an eye on. There is a good chance a new all-time high will be reached later this week or early next week.
— HitamSusu (@HitamSusu) October 22, 2018
There is also the Ravencoin main net which is expected to go live in late October. As is usually the case, a main net launch is a pretty bullish sign for any cryptocurrency which may have long-term potential. Assuming the launch is successful, there may be some further RVN price action looming on the horizon.
— CoinChoose (@CoinChoose) October 22, 2018
Last but not least, Me81 _DeepSea seems to be capturing the excitement in a rather concise manner. This current price trend is well beyond what anyone had expected, and it seems the best might have yet to come. With the current push to $0.05 and beyond, anything seems possible. Those who claim RVN will hit $1 might be a bit too optimistic, though.
— ME81_DeepSea (@me81DeepseA) October 22, 2018
It doesn’t happen often altcoins with a multi-billion token supply note such strong gains when other markets are incredibly bearish. For all intents and purposes, Ravencoin appears to be undervalued even despite this current price trend. At the same time, two steep gains in very quick succession are hardly ever sustainable, and a price correction seems imminent. Buying in at the top is always a bad idea.