Cosmos, OKB, Ravencoin Prices Pump as Crypto Market Sentiment Improves
The three altcoins cosmos (ATOM), OKB and ravencoin (RVN) all pumped in the market today, as sentiment in nearly all major cryptoassets improved markedly.
For ATOM, the native token of the Cosmos chain, the pump began Friday morning around 7 am UTC, when ATOM suddenly surged through the USD 14 level, after a failed attempt at the same one day earlier. The price went on to reach as high as USD 17.2, before falling back below the USD 16 level.
From a technical analysis standpoint, ATOM now looks like it could rally further, with no significant resistance levels ahead of it. However, the Relative Strength Index (RSI) has already moved into ‘overbought’ territory on the daily timeframe, indicating that the rally may become overextended.
ATOM price since July:
Cosmos is a blockchain network that aims to offer interoperability between different blockchains. The network relies on the proof-of-stake (PoS) consensus mechanism – the same technology that Ethereum (ETH) is moving to after its highly anticipated Merge later this month.
At the time of writing (11:25 UTC), ATOM was up 20.2%, trading at USD 15.797. Over the past 7 days, the token is up 24%, while it has gained 38% for the past 30 days.
The second coin to pump over the past 24 hours was OKB, a token issued by the crypto exchange OKX (formerly OKEx). The token started pumping on Thursday around 1 pm UTC, with strong gains following over the next three hours. After reaching as high as USD 17.5, OKB fell back to the USD 16.5 level.
In terms of the technical outlook, it’s worth noting that the USD 17 level did not hold for OKB yesterday, and that this now serves as an area of resistance to the upside. Still, if the price can get enough momentum to move through that level, USD 18 and USD 22 will become the next important levels to watch.
Interestingly, OKB still appears to have room for some more upside judging from the RSI, which is now in neutral territory with a reading of 50.
OKB price since July:
As of 11:25 UTC, OKB traded at USD 16.515, up nearly 20% for the day. Over the past 7 days, the token is up 6.8%, while it has lost 9.2% over the past 30 days.
Ravencoin is the third coin among the top 100 cryptoassets by market capitalization to stand out today with a massive pump. The coin first started rallying late Thursday night UTC time, before it accelerated early Friday morning as the price pushed through the USD 0.038 level.
The coin has received attention as of late from miners, who are seeing it as an alternative coin to mine now that Ethereum transitions to proof-of-stake. And with Ethereum’s merge moving closer by the day, interest among traders also appears to be picking up.
Bear in mind, however, that the coin still faces some resistance ahead around the USD 0.044 level that it needs to overcome before the rally can continue.
At 11:25 UTC, RVN stood at USD 0.04361, up 20% for the past 24 hours, 51.5% for the past 7 days, and just over 21% for the past 30 days.
RVN price since July:
Ravencoin in built on a fork of Bitcoin (BTC), and was released in 2018 as a cryptocurrency solely focused on the transfer of value from one party to another.