Most of the crypto market is currently green, as bitcoin has reached $43K, while ETH is inching closer to $3,000. Altcoins are mimicking BTC’s trend, and they are on a massive upswing. Ravencoin is among the best performing altcoins in the market after amassing huge gains.
Ravencoin is trading at $0.1 at the time of writing after a 32% gain in 24 hours.
Ravencoin Price Analysis
Ravencoin is currently on a massive rally and is among the top-performing altcoins after a 32% gain. RVN has finally managed to break past the $0.1 resistance, opening up new trading levels for the altcoin.
Volatility is currently high; hence RVN could continue spiking. To establish a strong presence past $0.1, RVN needs to reach $0.15. This will be achieved if there is ongoing support from the broader crypto market. With market analysts expecting BTC to form a golden cross and establish even higher gains, we could see a further RVN upswing.
Ravencoin has made new highs, and this massive jump means that if a downtrend happens, the price correction could also be massive. In case of a downtrend, RVN could be headed towards retesting the lower support of $0.07.
Despite the gains that the crypto market has made over the past two weeks, market analysts are now wary of the newly introduced US infrastructure bill. The bill contains a clause on crypto tax reporting where the Biden administration believes that taxing cryptocurrencies will generate an additional $28 billion in tax payments.
The bill is still in negotiation with US lawmakers. Once it is passed and signed into law, the IRS will access exchange records on gains and losses made from crypto trading. The implementation of the bill could have an impact on the ongoing crypto bulls.
Where to Buy RVN
If you want to buy RVN during the current bulls, create an account on the below platforms:
One of the exchanges where you can buy RVN is eToro. eToro is a renowned copy trading platform, and it gives new traders a chance to make profits through crypto trading. Besides, eToro charges friendly fees and commissions.
The other platform where you can buy ravencoin is Upbit. Upbit is also a renowned and reliable cryptocurrency exchange. Upbit supports a wide range of cryptocurrencies and trading pairs, making it suitable for traders who want to diversify their portfolios.
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