Ravencoin (RVN) is enjoying a major upswing, thanks to its recent listing on Upbit, South Korea’s leading cryptocurrency exchange. The buzz surrounding this listing has set off a wave of trading activity, particularly among retail investors, and pushed RVN into the global spotlight.
Upbit Listing Triggers a Price Explosion
On June 5, Upbit introduced Ravencoin with a Korean won (KRW) trading pair. This listing acted as a launchpad for RVN’s price, which surged over 70% within an hour—from around $0.011 to $0.018.
Trading volume also spiked dramatically. Platforms like CryptoMeter reported volume increases between 3,000% and 6,000%, with daily trading peaking between $300 million and $400 million.
Strong Technicals and Price Momentum
Following the listing, RVN climbed roughly 62% to 68% within 24 hours, touching highs between $0.022 and $0.024. By June 9, CryptoMeter noted a 62% gain for the week, breaking through resistance at $0.013 and signaling bullish momentum.
Technical indicators further backed the rally:
- The Relative Strength Index (RSI) moved into bullish territory, reaching around 66.
- The Awesome Oscillator also turned positive, confirming strong upward momentum.
Market Impact and Future Prospects
Ravencoin’s breakout influenced other altcoins, too. Livepeer and Pocket Network saw similar gains after being added to Upbit’s KRW trading pairs, pointing to a growing trend of South Korea-driven rallies.
New crypto-friendly policies under President Lee Jae-myung’s administration are also playing a role. They’ve increased investor confidence in the altcoin market, making Upbit listings a significant market trigger.
However, sustainability remains uncertain. Past listings, like those of Orca and Pocket Network, show a pattern: sharp spikes followed by steep corrections.
Analysts are eyeing key price levels. If RVN holds above $0.020 to $0.022, it could aim for the $0.035 range. Failure to maintain momentum may see prices fall back to $0.012 to $0.014.
