While the majority of the cryptocurrency markets are seemingly turning bearish again, smaller cap altcoins need to make a name for themselves. The weekend is usually a good time to do so, as the markets all act adversely during those two days. This would also explain why the Ravencoin price is pumping once again, as there do not appear to be any major recent developments to warrant a notable increase.
Ravencoin Price Momentum Keeps Speculators Happy
When there is not too much to be excited about in the cryptocurrency industry today, there are always some markets which provide entertainment. In today’s edition, that market is – once again – Ravencoin. Although this project makes traders and speculators a lot of good money, there is no real reason as to why its value tends to surge so regularly. From a long-term perspective, that can prove to be rather problematic.
Over the past 24 hours, the Ravencoin price has gained nearly 20% in both USD and BTC value alike. This brings the current price to $0.0533, or 1,328 Satoshi. Very interesting price levels for this altcoin at this stage of its development cycle. Combined with just under $50m in trading volume, there is seemingly plenty of interest in trading RVN at this time.
One thing traders need to watch out for is chasing pumps blindly. Ravencoin is often called out by many pump signal groups, which could easily explain why this market goes up and down in value for no apparent reason. As RVN was called out in several groups this week, it seems likely the momentum will become a lot more bearish in the near future.
This also becomes a lot more evident when looking at the actual chart. Considering how RVN went from 801 Satoshi to 1,348 Satoshi in a matter of days, it is only normal a lot of traders will grow somewhat concerned. Such massive gains are not sustainable in the slightest, let alone even turned into new support levels. Even so, RVN is not in dire straits as of yet, but it appears to be a matter of time.
TheCryptoCryBaby expects some interesting momentum to occur fairly soon. Assuming RVN can effectively hit and surpass 1,400 Satoshi, there will most likely be a fair bit of bearish pressure forming after that. The main question is whether or not new investors and pump chasers will try to get in on the action at that time. Such developments are never guaranteed in this volatile industry.
As has been the case during previous Ravencoin surges, the momentum seemingly makes no sense whatsoever. Some traders successfully push up the RVN price without too many problems, which leads to others FOMOing in. In the end, a lot of people will be holding a bag of a currency which might never see those previous price points again. A very dangerous, albeit lucrative way of trading cryptocurrencies.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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