The cryptocurrency industry is a wild world where just about anything goes. New projects are popping up nearly each and every day, with the majority of them set on building upon what Bitcoin started so many years ago.
As the industry has grown, certain coins have emerged that have use cases that vastly differ from Bitcoin, Ethereum, Litecoin, Ripple, EOS, and other top crypto assets. Ravencoin coin is one of those coins, however, not designed to be a payment currency like Bitcoin and has a unique use case of its own.
However, the asset does share several key similarities with Bitcoin, such as there only being 21 billion RVN tokens compared to Bitcoin’s 21 million BTC. But just because it shares some similarities with Bitcoin and has carved out its own innovative niche in the cryptocurrency market, that doesn’t necessarily mean that it makes an excellent investment.
This guide will offer a look at technical analysis on Ravencoin, provide various realistic Ravencoin price predictions from experts, and attempt to answer the question “will the price of Ravencoin go up” in the future?
What Is Ravencoin? Learn About Ravencoin Potential Growth
Ravencoin, first and foremost, is a cryptocurrency trading under the RVN ticker symbol. It trades commonly against USD and BTC on cryptocurrency exchanges and cryptocurrency trading platforms. It was launched on January 3rd, 2018, just as the cryptocurrency bear market started.
Ravencoin cryptocurrency is a blockchain designed to allow users to create and transfer digital assets from peer-to-peer. Other blockchains can also transfer assets, but they are slow and not ideal for this purpose because they were not explicitly designed for this task.
Ravencoin can be used to issue asset tokens for anything from real estate and company shares to video game collectibles and community points. Anyone can create new assets using Ravencoin but must burn tokens to do so.
The open-source project doesn’t have a well-established team or development foundation and is instead led by other core developers such as The Bitcoin Foundation’s Bruce Fenton. However, because of its potential projected value, it has earned financial backing and support from the likes of crypto supporter and Overstock CEO Patrick Byrne.
Ravencoin is a hard fork of the Bitcoin blockchain and uses a similar UTXO model. It has one of the better fork price predictions compared to assets like Bitcoin Cash, Bitcoin SV, and others. It differs in the total maximum Ravencoin supply of 21 billion versus 21 million BTC, a faster block generation time just one-tenth of Bitcoin’s, and uses a different mining algorithm to prevent ASIC mining.
Ravencoin’s reward issues began at 5,000 RVN coins. Ravencoin wasn’t created as part of an initial coin offering and without a pre-mine. Unlike Ripple, Ethereum, and other top projects, RVN tokens aren’t held by founders in a pool that looms over the market as potential distribution.
First, to create a new token, an amount of RVN must be burned and a name for the token chosen. At the time tokens are made, the total supply and future issuance can be selected.
Ravencoin Price History: Looking Back At 2019-2022, To Today In 2023
The current price today as of the time of this writing is $0.10, putting the altcoin ranked at 97 in the top ten crypto assets by market cap. The price tomorrow could be anything. However, speculation points to enormous projected growth. The outlook on the asset’s long term value is mixed, however, according to prediction charts based on technical analysis.
Ravencoin coin started out its journey in 2018, just as the crypto bubble popped, and the bear market began. Its crypto market price history started off at just over a penny in early 2018 just as CoinMarketCap began aggregating data on RVN token.
At the peak in June 2019, Ravencoin crypto reached a high of $0.073 per RVN token but retraced all the way back down to prior bear market lows in 2020. At the start of 2021, Ravencoin rallied with the rest of the crypto market to a new all-time high of 29 cents per RVN. Today, it back trading at around 5 cents per coin.
Thus far, this has been how Ravencoin has behaved. Technical analysis shows that Ravencoin spikes and brings investors enormous gains and returns, however, it nearly retraces the entire move up and winds up back at lows. Will this historical instance ever change, or will Ravencoin keep on falling back to lows and fail ever to gain the momentum it needs to meet the lofty long term price predictions and potential growth projections that many expect it to reach?
Positive Ravencoin news is likely needed to change the Ravencoin trend back toward the positive and become profitable again. Only then can it get back to following its minimum estimated growth experts predict.
Ravencoin Price Predictions And Expert Forecasts
Wallet Investor
Wallet Investors sees a long-term price forecast for Ravencoin at around 38 cents per coin. But it could take as long as 2028 to reach that time.
Bruce Fenton, Ravencoin Developer
Bruce Fenton from The Bitcoin Foundation warns that investing in crypto is risky and you could lose all of your money. Fenton is a developer behind the open source project, making his RVN price prediction somewhat surprising.
Capital.Com
Capital.com’s high-end estimate is around 95 cents per RVN. The long-term price projection is suggest to happen by 2028.
Patrick Byrne, Overstock CEO
The Overstock CEO sees Ravencoin potential as enormous, and Ravencoin projected growth to be something worth getting behind. Patrick Byrne has invested millions of his own money in supporting the project. Patrick Byrne, a firm crypto supporter, believes that Ravencoin will rise in value in the future.
Ravencoin Sentiment Analysis
Ravencoin coin sentiment is extremely low and bearish, which isn’t a good sign for the asset as a long-term investment. Social volume is decreasing, even with the number of news articles surrounding the crypto asset growing.
Ravencoin Technical Analysis
With sentiment in the gutter, price predictions mostly predicting downside, what does RVNUSD technical analysis say about what to expect for a Ravencoin price forecast in the future? Is there any critical Ravencoin buy or sell signals to look out for? Let’s dig in.
Ravencoin Price Prediction 2023
If another wave higher is successful, the rally could finally have reached its peak, and cryptocurrencies will head into another long-term bear market. Ravencoin would look to fall back to support again for added retests.
Ravencoin Price Prediction 2024 – 2025
With support unable to break for years at a time, Ravencoin will finally turn bullish again in these later years. If the coin can sustain another bull run is another question.
How far Ravencoin ultimately goes is anyone’s guess, and with so many bearish predictions, the direction could be down and not up.
Conclusion: What is the Future of Ravencoin?
Ravencoin could rise, or could fall, according to technical analysis and expert price projections and forecasts from some of the crypto industry’s best.
With such a broad range of price predictions, the outlook on Ravencoin is extremely mixed. For those considering investing in Ravencoin, other alternative crypto assets may make for a far better ROI thanks to much healthier projected growth. These assets include Bitcoin, Ethereum, Litecoin, EOS, and Ripple – all of the cryptocurrencies available for trading on the award-winning PrimeXBT.
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