Ravencoin, a Bitcoin clone, formed a God candle on Thursday, June 5, soaring to its highest point since December.
Ravencoin jumped to a high of $0.027, up 155% from its opening price and 210% from its lowest level in April. It then pulled back and settled at $0.016, giving it a market cap of $255 million.
Ravencoin’s price spike followed its listing on Upbit, the largest South Korean crypto exchange. This listing triggered a surge in interest from South Korean traders, who can now buy the token using their local currency.
CoinMarketCap data shows that most of Ravencoin’s trading volume occurred on Upbit. Its daily volume spiked to $445 million, with Upbit accounting for $170 million of that total.
Ravencoin’s rally mirrored the performance of other cryptocurrencies after their Upbit listings. For example, Orca price surged by over 200%, while Arkham and Kaito rose 55% and 25%, respectively, following their listings. Most recently, tokens like Livepeer and Pocket Network also posted sharp gains after being listed.
This pattern stems from South Korea’s significance in the crypto market. A report from February showed that the country ranks as the third most active market after the United States and China, with average daily trading volume across South Korean exchanges climbing to $12 billion.
However, these post-listing pumps often prove short-lived. Orca, for instance, jumped to $5.57 after its listing, only to plunge 70% to $1.698 within days. Similarly, Pocket Network rallied to $0.0898 last week but has since dropped 41% to $0.052.
Ravencoin is a BitcoinBitcoifork optimized for lower transaction costs and faster speeds. One key difference is its supply cap: Ravencoin has a maximum supply of 21 billion coins, compared to Bitcoin’s 21 million.
Ravencoin price analysis
The daily chart shows that RVN bottomed at $0.008977 in April and then moved within an ascending channel. It dipped to the lower boundary of this channel earlier this week before forming a God candle following the Upbit listing. The price initially surged to $0.02573 before easing to $0.0166 as hype around the listing faded.
Ravencoin remains above both the 50-day and 100-day moving averages, as well as the upper side of the ascending channel. Therefore, the most likely scenario is a continued pullback, potentially to $0.0125, its lowest swing point from August of last year. Such a move would imply a 25% decline from current levels.
