Ravencoin Price Rockets 14.8% to $0.0613 on Ethereum Merge Effect
Ravencoin (RVN) soared more than 14% over the past 24 hours, fueled by speculation that old Ethereum (ETH) miners are taking an interest in the coin as Ethereum’s Merge nears and the network moves away from Proof-of-Work (PoW) mining.
As of press time at 10:10 UTC, RVN traded at $0.0613, up close to 15% for the day and up a whopping 57% for the past 7 days. At its highest, RVN touched $0.074, before falling back to below the $0.061 level in the early hours of Tuesday trading.
RVN price last 14 days:
The strong rally for Ravencoin has come as Ethereum miners are rumored to take an interest in mining the coin after the Merge, which is expected to happen on September 15 at around 3:20am UTC time.
Along with Ethereum Classic (ETC) – an Ethereum fork that continues to operate on Proof-of-Work – RVN has by some been highlighted as an alternative coin to mine when ETH mining will no longer be possible after the Merge. Among those who have mentioned it is Ethereum developer Tim Beiko, who also warned that mining these other coins could become challenging:
“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 told CryptoNews last year.
RVN also pumped last week
The gains for Ravencoin today followed a massive pump seen in the same coin on Friday last week as the price pushed through the $0.038 level on improved sentiment in the broader crypto market.
Back then, the technical picture still appeared somewhat difficult, with resistance levels ahead at around $0.044. But with that level now well behind us, things are looking brighter for RVN.
The next technical level to look out for now is the high from March around $0.077, before the February high of $0.080 comes into play.
RVN price with resistance levels:
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.