Ravencoin (RVN) Rallies Ahead of its Halving Event Later this Month
Halving events are usually popular within the cryptocurrency sector as they are occasionally followed by a rally in the price of a cryptocurrency. Bitcoin’s recent halving was in 2020, and its fork, Ravencoin, is set to undergo a similar process later this month.
Ravencoin’s Halving Event is in Seven Days
Ravencoin is a protocol based on a fork of the Bitcoin source code. However, the cryptocurrency has additional features designed to allow users to issue security-like tokens on its blockchain. Similar to Bitcoin, Ravencoin uses the Proof of Work (PoW) consensus mechanism.
However, Ravencoin’s mining process relies on the X16R algorithm, which is intended to be ASIC resistant. Another major difference between Bitcoin and Ravencoin is the reduced block time, block rewards of 5000 RVN and the ability to issue assets and sub-assets on the Ravencoin blockchain.
Ravencoin Halving is the event where the number of generated RVN rewards per block is reduced by 50%. The upcoming halving event will see the total number of RVN mined by miners per block reduce from 5,000 to 2,500. The halving event will occur at block 2,100,000. Following the halving event, the number of RVN tokens found per block will reduce.
RVN Rallies by More Than 13% in 24 Hours
RVN, Ravencoin’s native coin, is up by more than 13% over the past 24 hours. The rally comes as the Ravencoin community prepares for the halving event, which will take place in approximately seven days. In 2021, RVN’s value soared by more than 800%, outperforming other Bitcoin forks.
RVN is currently trading at $0.1212, which is higher than its 50-day moving average price of $0.1023. The MACD line just crossed the neutral zone following the latest rally, while the RSI of 64 shows that RVN could soon enter the overbought region.
The cryptocurrency could look to rally higher and reach the $0.15 resistance level over the next few hours. If the rally continues, RVN could top the $0.20 level before the halving event in a week.