Ravencoin (RVN) soared greater than 14% over the previous 24 hours, fueled by hypothesis that outdated Ethereum (ETH) miners are taking an curiosity in the coin as Ethereum’s Merge nears and the community strikes away from proof-of-work (PoW) mining.
As of press time at 10:10 UTC, RVN traded at USD 0.0613, up shut to 15% for the day and up a whopping 57% for the previous 7 days. At its highest, RVN touched USD 0.074, earlier than falling again to beneath the USD 0.061 degree in the early hours of Tuesday buying and selling.
RVN price final 14 days:
The sturdy rally for ravencoin has come as Ethereum miners are rumored to take an curiosity in mining the coin after the Merge, which is anticipated to occur on September 15 at round 3:20 am UTC time.
Along with ethereum basic (ETC) – an Ethereum fork that continues to function on proof-of-work – RVN has by some been highlighted instead coin to mine when ETH mining will not be doable after the Merge. Among those that have talked about it’s Ethereum developer Tim Beiko, who additionally warned that mining these different cash may turn out to be difficult:
“Ethereum Classic and Ravencoin are the two that I’ve heard mentioned, but I’m not sure if they will maintain an algorithm which is compatible with Ethereum’s ethash,” Beiko instructed Coinbold.io earlier this 12 months.
RVN additionally pumped final week
The positive aspects for ravencoin as we speak adopted a large pump seen in the similar coin on Friday final week as the price pushed by way of the USD 0.038 degree on improved sentiment in the broader crypto market.
Back then, the technical image nonetheless appeared considerably troublesome, with resistance ranges forward at round USD 0.044. But with that degree now effectively behind us, issues are wanting brighter for ravencoin.
The subsequent technical degree to look out for now’s the excessive from March round USD 0.077, earlier than the February excessive of USD 0.080 comes into play.
RVN price with resistance ranges:
Ravencoin in constructed on a fork of Bitcoin (BTC), and was launched in 2018 as a cryptocurrency solely centered on the switch of worth from one occasion to one other.
Compiled by Coinbold