RavenCoin Looks Poised to Break Out - Price Analysis

  • Short term: good likely of a RVN breakout soon
  • Long term: likewise, a good chance of a new uptrend obtains

With top altcoin ChainLink (LINK) currently melting faces, and Bitcoin (BTC) market dominance falling, it seems prudent to look around for other popular altcoins that might be next. RavenCoin (RVN) is one such altcoin that has proven itself to be a top performer in the markets, and indeed, currently looks set up for a breakout.

Starting on a huge 3-day RVN/BTC chart, we see almost the entire history of RVN’s chart (Bittrex). The main inflection area of the chart is around 400 sats, serving as the staging area for two massive rallies. Price is now pushing up precisely in this area, and volume has started to return after a clear period of consolidation at the chart's bottom.

Pushing at resistanceRVN chart by TradingView

Looking at the daily chart, we see more detail of this buildup of strength under the inflection area. After being rejected at the 55 exponential moving average (EMA) for several months, this level has finally been retaken.

All good signsRVN chart by TradingView

On the RSI, we see a series of bull divergences, and a MACD that has crossed to the positive side. The histogram too is stuck on the positive side of the chart, although it is trending down slightly at present.

Finally, on the 12-hour chart, we see some qualifiers to the bullish picture. Price is trending up within a rising wedge pattern, generally bearish. This might mean that one more small breakdown is necessary before the likely break up.

Some short term hickups?RVN chart by TradingView

We also see a bear divergence on the RSI; but here, this can perhaps be dismissed as an effect of the Bitcoin drop three weeks ago. This drop wrecked almost all altcoins’ charts, and here RVN is no exception. Without the drop, we likely would not be seeing such bear divergences.

There is no two ways about it: RavenCoin looks ready to break through its historical 400 sat wall. With ChainLink leading the pack, other Binance-hosted major altcoins have a good chance of following.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.