Cosmos, OKB, Ravencoin prices pump as crypto market sentiment improves

by Arthur · September 9, 2022

The three altcoins cosmos (ATOM), OKB and ravencoin (RVN) all pumped into the market today, as sentiment in almost all major cryptoassets improved markedly.

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Cosmos

For ATOM, the original token of the Cosmos chain, the pump started on Friday morning around 7 UTC, when ATOM suddenly surged through the USD 14 level, after a failed attempt at the same a day earlier. The price reached as high as $17.2 before falling back below the $16 level.

From a technical analysis point of view, it now appears that ATOM may rise further, without significant resistance levels in front of it. However, the Relative Strength Index (RSI) has already moved into “overbought” territory on the daily time frame, indicating that the rally may be overextended.

ATOM price since July:

Cosmos is a blockchain network that aims to offer interoperability between different blockchains. The network relies on the proof-of-stake (PoS) consensus mechanism – the same technology that Ethereum (ETH) is moving to after its long-awaited merger later this month.

At the time of writing (11:25 UTC), ATOM was up 20.2%, trading at USD 15.797. In the last 7 days, the token has risen 24%, while it has increased by 38% in the last 30 days.

OCD

The second coin pumped in the last 24 hours was OKB, a token issued by the crypto exchange OKX (formerly OKEx). The token started pumping on Thursday around 13:00 UTC, with strong gains following over the next three hours. After reaching as high as USD 17.5, OKB fell back to the USD 16.5 level.

Regarding the technical outlook, it is worth noting that the USD 17 level did not hold for OKB yesterday and that this now acts as an area of resistance to the upside. Nevertheless, if the price can gather enough momentum to move through that level, $18 and $22 will be the next important levels to watch.

Interestingly, the OKB still appears to have room for some more upside judging from the RSI, which is now in neutral territory with a reading of 50.

OKB price since July:

As of 11:25 UTC, OKB was trading at USD 16.515, up almost 20% for the day. In the last 7 days, the token is up 6.8%, while it has lost 9.2% in the last 30 days.

Ravencoin

Ravencoin is the third coin among the top 100 crypto assets by market capitalization that stands out today with a massive pump. The coin first started to rally late Thursday evening UTC time, before accelerating early Friday morning as the price pushed through the USD 0.038 level.

The coin has recently received attention from miners, who see it as an alternative coin to mine now that Ethereum is moving to proof-of-stake. And with Ethereum’s merger getting closer by the day, interest among traders also seems to be picking up.

However, keep in mind that the coin still faces some resistance going forward around the USD 0.044 level which it needs to overcome before the rally can continue.

At 11:25 UTC, RVN was at $0.04361, up 20% in the last 24 hours, 51.5% in the last 7 days and just over 21% in the last 30 days.

RVN price since July:

Built on a fork of Bitcoin (BTC), Ravencoin was released in 2018 as a cryptocurrency solely focused on the transfer of value from one party to another.