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Ravencoin Surges After Upbit Listing: Is This the Start of a Long-Term Rally?
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:
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.