Ravencoin (RVN) is down 36% amid a stronger dollar on the back of the US interest rate hike. Ravencoin pricing has been strongly bearish in recent days due to the crypto market sell-off. RVN dropped to $0.040, its lowest level since September 9 of this year.
Fed Announces 75 bps Rate Hike
One of the reasons behind a sell-off in the cryptocurrency market can be associated with US Fed rate hike news. The Federal Reserve increased the target range for the Fed funds rate by a unanimous vote to 75 basis points (bp) and significantly raised its rate hike projections. The new forecast for Fed funds at the end of 2022 is 4.4%, up from the 4.2% rate inferred by futures contracts before this update.
Watch Chair Powell’s statement from the #FOMC press conference:
Intro clip: https://t.co/t3kZbpZvXB
Full video: https://t.co/hoZdqlyRn3
Press Conference materials: https://t.co/apfRNOLIAs
— Federal Reserve (@federalreserve) September 21, 2022
This suggests that the Federal Open Market Committee (FOMC) will likely raise rates by another 75 basis points (bps) in November and will likely raise rates by another 50 bps or possibly a fifth consecutive 75 bps in December.
All members of the FOMC agree with this more hawkish narrative, as evidenced by the high clustering within the dot plots.
Cryptocurrency Market Sell-off
The cryptocurrency market has been flashing red and continues to perform poorly early on September 21, with the global cryptocurrency market worth falling 1.22% from the previous day to $927.26 billion. The total cryptocurrency market volume fell 11.91% in the last 24 hours to $68.55 billion. Bitcoin fell 1.19% on the day to $19,009.8.
Meanwhile, other major cryptocurrencies have seen declines. Ethereum was worth $1,339.36, a 0.89 percent decrease. The strong US dollar and the ongoing crypto market sell-off were two major impediments to future increases in Steller coin valuations.
Russian President Kicks in Risk-off Sentiment
The broad US dollar rose to a new two-decade high as statements from Russian President Vladimir Putin frightened markets ahead of the US Federal Reserve’s likely next aggressive rate hike. Putin issued Russia’s first mobilization order since World War II, warning the West that if it continued to threaten Moscow with “nuclear blackmail,” Moscow would respond with the full force of its vast arsenal.
The dollar index, which measures the value of the US dollar over other major currencies, rose more than 0.5% to 110.87, its highest level since 2002. The strong US dollar was viewed as a major impediment to further increases in the value of Steller coins.
Ravencoin Price Review & Tokenomics
Ravencoin’s current price is $0.0408, with a 24-hour trading volume of $127 million. Ravencoin has increased by 1.85% in the last 24 hours. CoinMarketCap now ranks #79, with a live market cap of $428 million. There are 10,473,290,000 RVN coins in circulation, with a maximum supply of 21,000,000,000 RVN coins.
Ravencoin (RVN) Price Chart – Source: Tradingview
On the technical front, the RVN/USD pair is likely to find immediate support near $0.037, which is supported by an ascending trendline. A break below this level may allow for further selling until the $0.0299 level.
On the upside, RVN’s immediate resistance remains at $0.0436, and a bullish crossover above this level opens up additional room for buying until $0.0508 is reached.
Technical indicators such as RSI and MACD are indicating a mixed bias, with RSI indicating a bearish trend and MACD indicating a buying trend. However, the 50-day moving average clearly indicates a selling trend below $0.050.
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