Ravencoin Enters the Top 100 Cryptos List As Ethereum Rises to $1.7K

Aaryamann Shrivastava
Updated: Jul 28, 2022, 18:35 GMT+00:00

With Ethereum leading the altcoins today, the crypto market recovered by more than $113 billion, just in the span of 24 hours.

Ravencoin Enters the Top 100 Cryptos List As Ethereum Rises to $1.7K

Key Insights:

  • Ravencoin noted a 48.68% rally over the last 24 hours.
  • Ethereum also rose by almost 20% to trade at $1.7k.
  • Bitcoin did not hold back either and could be seen exchanging hands at $24k.

As the crypto market made a solid recovery today, altcoins benefitted from the bullishness as well, and the altcoin leader Ethereum itself was one of the top performing coins of the day.

Supported by Bitcoin’s rise to $24,027, the crypto market reeled in over $113 billion in the last 24 hours.

Ethereum Gives a Boost

The altcoin king kept its subject soaring as Ethereum itself marked a significant rally during the day. Up by almost 20% in 24 hours, ETH could be seen trading at $1,736 at the time of writing.

The next significant resistance and target level for the cryptocurrency is the $2000 mark. Flipping it into support will also enable the altcoin to recover the 46.5% losses it observed during the June crash.

ETH is noting just the atmosphere it needs to achieve the same with the Bollinger Bands’ divergence indicating the increase in volatility.

This means that sooner than later, Ethereum could note some price swings, but thanks to the presence of the candlestick above the basis, the price swing will be in favor of the altcoin.

Secondly, the Awesome Oscillator sustaining above the neutral line is a positive sign as it would provide ETH the support it needs to rally towards $2k. While it may not happen by the end of this month, if present conditions persist, ETH might make it to $2k by the first week of August.

Ravencoin’s Century

Entering the top 100 cryptocurrency list today was Ravencoin at the hundredth position, thanks to the 46.68% rally it witnessed yesterday after a slow and bearish week.

The rise was enough to wipe out half the losses it observed during the almost 50% downtrend of May while also recovering all the downfall from the Month of June.

In doing so, it also flipped two major levels into support, the first being the 50-day Simple Moving Average (SMA) (red) line and the 100-day SMA (green) line.

Both these levels are indicators of rising bullishness and support a rally for as long as the candlestick remains above the lines.

The incline also saved RVN from a bearish crossover that almost took place 48 hours ago. The MACD highlighted recovering bullishness with the green candle, and as long as RVN stays this way, it will be able to climb beyond $0.35.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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