Navcoin price went parabolic on Tuesday as investors pumped the Bitcoin alternative. NAV jumped to a high of $0.1540, which was the highest level since May 5th of this year. This price is about 218% above the lowest level in June.
What is NAV and why is it rising?
Navcoin is a cryptocurrency that was developed by Navtech and launched in 2014. It is a relatively small cryptocurrency that seeks to become a viable alternative to Bitcoin.
Navcoin works to solve some of the biggest challenges that Bitcoin has. For example, Bitcoin is not a private cryptocurrency, which explains why the FBI is able to track transactions in its network.
Similarly, Bitcoin is not a cheap cryptocurrency to use considering that a single transaction can cost tens of dollars. Most importantly, Bitcoin is based on the proof-of-work technology that is usually inefficient.
Navcoin solves all this in a number of ways. It is a proof-of-stake cryptocurrency that has strong privacy features. The coin has some security features similar to that of Monero.
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As a proof-of-stake coin, Navcoin gives its holders the ability to earn interest by just holding it. In addition to the NAV token, there is the xNAV and wNAV. xNAV is a private currency that is created using Navcoin’s technology. It is used by people who want to hide their identity when sending and receiving money.
wNAV, on the other hand, is the wrapped version of NAV and xNAV. It is a coin that allows you to interact with dApps and NFTs. Some of the top apps built using Navcoin’s technology are NavAlias, NavPool, NavBridge, and NavExplorer.
The Navcoin price is rising as the number of addresses in the ecosystem bounce back. After falling sharply last week, the number of active addresses has risen steadily in the past few hours.
Navcoin price prediction
The daily chart shows that the NAV price has bounced back in the past few days. Precisely, it has jumped from last month’s low of $0.0475 to the current level of $0.1550. As a result, the coin’s 25-day and 50-day moving averages have made a bullish crossover pattern while the Relative Strength Index has kept rising.
Navcoin is also above the important resistance level at $0.1167, which was the highest point on May 20th. Therefore, I suspect that the coin will likely keep rising as bulls target the key resistance point at $0.20. A drop below the support at $0.115 will invalidate the bearish view.
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