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Why Ravencoin suddenly surges 11%

 


According to CoinMarketCap, today's winner is Ravencoin, up nearly 11% over the past 24 hours. This makes it one of the most profitable coins among all other digital assets.


A similar price development could be observed in Ravencoin in early August and late July, when Raven gained more than 70% in just three days, enabling good profits.


While nothing was happening in the Ravencoin ecosystem, the growth was very strong to consider as part of speculative trading by some traders and investors.


The alleged reason for such a price increase was the migration of miners from Ethereum, which will undergo a powerful merge update that will deploy the PoS consensus algorithm.


As Ethereum becomes a PoS-only blockchain, it opens up a huge space in the market as miners want to use their hash power for something else. Ravencoin could be a good candidate.


With the growing hashrate of the network and the migration of miners, investors are seeing more potential in the networks like Rave, Ethereum Classic and others, leading to an increase in trading volume and the corresponding price development.


From a technical point of view, RVN shows no clear signs of where it will go. The coin has been in a sustained downturn for 480 days.


The break that has been seen over the past few months could be a sign of an impending long-term reversal should RVN manage to break the next resistance at the 200-day moving average.

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