The Revain price popped on Thursday as demand for the cryptocurrency rallied. The REV token price jumped by more than 17% to $0.0157, which was its highest level since May this year. The coin has a market capitalization of more than $1 billion and is the 89th biggest cryptocurrency in the world. It is slightly below Nexo and slightly above MDex.
What is Revain?
Revain is one of the more than 10,000 altcoins in existence today. The platform’s angle is that it wants to solve the challenge of user reviews using the blockchain technology. As a result, it is trying to disrupt centralized platforms like Yelp, Rotten Tomatoes, TripAdvsior, and Angie’s List. These are multi-billion dollar companies that have made a fortune by aggregating user reviews.
Today, you can search and find reviews of companies from all sectors on the Revain marketplace. For example, exchanges like Poloniex, Binance, ABCC, and OKEX have received hundreds of user reviews. People who contribute to Revain are rewarded using the REV coin, which they can convert to fiat currencies.
Still, the biggest challenge for Revain is that it faces significant challenges from review platforms like Yelp and Rotten Tomatoes. It also faces deep competition from the likes of Google, Facebook, and Apple that offer free ratings and reviews.
Revain price prediction
The four-hour chart shows that the Revain price has bounced back in the past few days. At its peak today, the REV price was up by more than 190% from its lowest level in July. At the same time, the coin has moved above the 25-day and 50-day weighted moving averages (WMA).
Now, the coin has retested the key resistance level at $0.01192, which was the highest level in June. Therefore, the Revain price has formed what looks like a break and retest pattern. As such, there is a possibility that it will resume the upward trend in the near term.
This view will be confirmed if it moves above the intraday high of $0.01570. On the flip side, a drop below the key support at $0.0100 will invalidate this view.