- Ravencoin price rode an Upbit listing announcement to skyrocket with over 150% gains.
- But the rally was short-lived as aggressive profit-taking wiped out much of the gains.
- The token is likely to rally amid improving sentiment.
Ravencoin (RVN) rocketed by more than 150% in 24 hours, with massive gains coming amid the token’s listing on Upbit, South Korea’s largest cryptocurrency exchange.
The announcement, made by Upbit via its official X account, noted that the exchange will add trading support for RVN against the Korean Won (KRW).
RVN coin’s surge saw it hit highs of $0.027, its highest level since mid-December 2024.
Ravencoin price – Upbit triggers 150% RVN rally
Upbit revealed the RVN/KRW market support in a post on X, stating that trading support for the altcoin would commence at 17:00 local time.
The exchange, known for its massive trading volume and customer base in South Korea, often sees explosive demand for newly listed tokens.
No doubt this is what drove Ravencoin (RVN)’s price higher.
An imminent listing for an altcoin seen as one of the best minable tokens today meant bulls were in control within hours of the announcement.
Data from CoinMarketCap shows the token’s price more than doubled in value as it rose from lows of $0.010 to $0.027.
While a bit of profit taking had it pare these gains, the price remained more than 64% up in 24 hours, with intraday volume skyrocketing 4,255% to over $399 million.
RVN price outlook
In addition to the Upbit listing, Ravencoin is resurging amid a fresh spike in bullish sentiment related to mineable proof-of-work coins.
Recently, the Ravencoin team posted on X that RVN is currently seeing fresh interest from miners.
With its KAWPOW algorithm designed to resist ASIC dominance and encourage decentralized participation, many unable to mine BTC and other top coins are flocking to Ravencoin mining.
This mining momentum, paired with the Upbit listing, could catalyse bullish momentum for RVN’s price. A retest of $0.027 is possible.
The technical outlook nonetheless has the Relative Strength Index (RSI) in overbought territory, which suggests a potential short-term pullback.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, indicating a likely upward continuation.
In this case, Ravencoin’s price could revisit the $0.014-$0.013 area for support. Demand reload at this level and a successful retest of $0.02 could aid an upward flip. RVN price hit highs of $0.034 in early December 2024.
On the downside, profit taking could see RVN price retest $0.010 and potentially April 2025 lows of $0.009.
