Can Ravencoin RVN/USD sustain momentum after 5% gains?

• Ravencoin surges Friday despite bearish crypto market

• Blockchains forked from Bitcoin are beneficiaries of ETH merger

• Technical Indicators Are Currently Bearish, Calling Sustained Rise Into Question

raven coin RVN/USD It jumped 5% on Friday. At the time of writing, the token was trading at $0.03651. The pump has not been tied to any particular factor, but interest in his Ravencoin has grown among cryptocurrency miners. As a PoW blockchain, he was one of the notable gainers after Ethereum’s Proof of Stake. merge.

Cryptocurrency miners have chosen Ravencoin as an alternative to ETH mining. Moreover, blockchain platforms are expanding rapidly as well. This follows a procedure by his FTX crypto exchange to list his RVN’s permanent feature in the middle of last month. Futures allow investors to guess the price of her RVN.

It is important to note that Ravencoin forked from Bitcoin in 2018. This network is intended for the issuance and transfer of new digital assets. Ravencoin is a proof-of-work consensus algorithm network. Its native token, RVN, powers decentralized applications and non-fungible tokens. From a technical perspective, RVN faces upward hurdles.

RVN Shows Bullish in Support Zone

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Source: Trading View

From the daily chart above, Ravencoin plunged from $0.0771 in mid-September, losing 52% of its value. Technically, Ravencoin shows some bullishness but remains pegged in the wider support zone.

Momentum indicator MACD shows clear bearish levels while Stochastic Oscillator is at 32. The Stochastic is slightly above the oversold zone, but close to it.

Conclusion

Ravencoin may not be able to sustain its current rally mainly due to its bearish momentum. From the chart, the token is facing immediate resistance at $0.042. RVN needs to clear above the resistance level to invalidate the current sentiment. The key indicator will also turn green. As it stands, RVN isn’t out of the woods yet.