Are PoW systems making a comeback? Actually, for a lot of BTC enthusiasts, they never went out of fashion – and what’s happening in the market at Ravencoin is proof of that.
While the whole world or almost the whole world is looking at PoS systems, towards
Ethereum will also move in the coming months, Ravencoin is proposing yet another iteration of proof-of-work systems – and is back on everyone’s lips just a few hours after one of the biggest failures of the industry in proof-of-stake
. Ravencoin’s big test: we explain the reasons
Speculation? Or is there something else behind a project that today is among the dominant ones for growth, in a sector still in trouble? Let’s try to see it clearly – also preparing, in case, to enter the market.
We find RVN, which is Ravencoin’s coin, also on the Capital.com crypto platform (which also offers a zero-cost, unlimited trial account)
– the only one in the world to offer 235+ crypto pairs, all also available with artificial intelligence, MetaTrader 4 platform, TradingView and also the Trading Central signals service. With a minimum investment of just €20 to get started in earnest.
On the day of the debacle of the alternative systems
The one between Proof of Work systems and alternatives less demanding in terms of computing power will remain one of the most important internal wars in the cryptocurrency world. On one side we have Bitcoin and the subsequent iterations of the validation protocol we’ve seen with Ethereum
and… as one of the latest in chronological order, Ravencoin.
A project that too many may have snubbed
, but which is making a comeback today also due to growing concerns about several next-generation protocols that have chosen a different path, as we saw just 48 hours ago with ThorCHAIN.
However, there is much more behind RavenCoin, as it is among the few to be up not only in the last 24 hours, but week-on-week, which shows a strength of the project, both among long-term investors who are buying spot, and among those who are speculating, including leveraged.
What technical analysis tells us about Ravencoin
In such a convulsive market situation, technical analysis can only play a marginal role compared to what it can usually do. But we’ll still try to apply it on a 1-day time horizon to understand what RVN’s short-term movements might be
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The indicators of the moving averages on RVN to 24 hours
Situation uncertain from part of the moving averages, that they do not offer signals of clear reading, contributing to the ulterior volatility that in these hours they are shaking in particular the speculative markets. As we will see in a very short while, the situation however of the indicators is certainly rosier, although still uncertain
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The main indicators on RVN at 24 hours
MACD in red, accompanied by CCI, for an overall positive situation, but that invites us once again to take care of our investments with double attention, especially in view of the typical weekend thin market
Those looking to bet on RVN won’t just have to rely on this kind of data though. It might be a good idea, even in the era when decentralized finance would seem to have set its sights on PoS systems, to include one of the younger representatives of PoW culture in your portfolio.