Wing Finance (WING) and Ravencoin (RVN) posted big gains today. So much so that WING’s price went parabolic on Friday, making it the best performing cryptocurrency in the world. The value of the cryptocurrency has increased by over 350% in the last 24 hours. Thus, it reached the highest level it has seen since May 2021. Another bullish altcoin, RVN, broke all resistance levels in one day. Accordingly, the price has increased by more than 50% in the last 24 hours. The parabolic rally that emerged in the two altcoins came as a surprise to all crypto investors.
WING gains over 350%
Wing Finance is a relatively small but fast growing DeFi platform that supports cross-chain interactions between different DeFi products. Currently, Ontology supports networks such as Ethereum, OKX Chain, BNB Chain, and Ontology EVM. In a nutshell, it is a credit-based, cross-chain lending platform that supports some of the largest DeFi platforms in the world. It also offers a module that rewards users for developing good credit in the network. WING is the native cryptocurrency of the DeFi project. Cryptocurrency is used to manage the project and provide incentives to other users.
The price of WING is also rising as investors switch to DeFi tokens. Recently, most DeFi tokens such as Uniswap, Maker DAO, and Compound have been on the rise. Analysts have begun to predict that the worst days of cryptocurrencies are over. But there is something different about the rise of WING. The cryptocurrency has been on the rise after the latest posts by WING DAO leader Yuki. Yuki, for example, referred to his decision to launch an NFT lending platform that allows people to borrow against their NFT. Another possible bullish reason is that it’s a “wash sale”. Wash sale is a time when people manipulate the price of an asset by placing multiple orders. It’s possible that this is the case, as there is no major news. It’s also possible that there is a pump and dump event.
What’s next for WING price?
The four-hour chart shows that the altcoin price has been in a strong uptrend for the past few days. In addition, the volume of the cryptocurrency has been steadily increasing over the past few days. As a result, it bounced above the 50-day and 25-day moving averages. Therefore, it is possible for the price to continue its downtrend from now on. In other words, the sustainability of the upward rally of the cryptocurrency is quite low. If the rally ends and the price drops, a pullback to $30 is possible. At the time of writing, WING’s price is trading around $48.56.
Ravencoin (RVN) up 50%
Ravencoin is a “simple” payment network mostly aimed at providing users with cheap and efficient money transfers. Raven is built on a Bitcoin fork. Thus, it allows users to issue various tokens with different use cases. The simplicity and time-tested nature of the Ravencoin project attracts all investors. The main reason behind the latest surge seems to be due to the fact that more investors are discovering the project and are eager to join the surrounding community. But there are other reasons as well.
Ravencoin price broke all current resistance levels of the cryptocurrency. As a result, the altcoin rose in price by 50% in just two days. Thus, it came as a surprise to all types of cryptocurrency investors in the market. Despite the recent spike, there has been no fundamental change in the cryptocurrency over the past few weeks. There are several reasons behind RVN’s impressive 50% rally. The first reason has to do with the positive performance of the currency in terms of technical analysis. RVN crossed its 50-day moving average as if it were nothing. It then reached the next major resistance level, the 200-day moving average. The rise is also related to the large stock market listings. Recent listings have attracted more trading volume to the cryptocurrency, which ignited the massive rally. It is also possible that miners logging out of the Ethereum network turned to RVN to mine PoW.
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