Navcoin prices have rebounded strongly over the past few days as the cryptocurrency prices rebounded. The NAV token rose to a high of $0.1385, its highest level since May 17. It has risen more than 186% from its lowest level this year. As a result, its total market capitalization has jumped to over $10 million.
What is NAV and why is it rising?
Navcoin is a relatively small cryptocurrency that started in 2014. The developers aim to solve some of the challenges facing Bitcoin. Most importantly, they wanted to address the privacy challenges the coin faced.
Navcoin solves privacy challenges by ensuring that all transactions are highly private and that no one can track them. It uses an auxiliary subchain called NavTech that enables transaction anonymization and mixing.
For example, when one sends Navcoins, the funds are first transferred to the child chain, where they are adjusted before reaching the recipient. Navcoin is also one of the first tokens to implement proof-of-stake consensus.
The developers of Navcoin have also created many more features. In addition to the native NAV token, they also launched xNAV, a private currency designed to protect information by hiding sending and receiving addresses and amounts. They also introduced xNAV, which is a packaged representation of NAV.
Navcoin price rebounded along with the general recovery of other cryptocurrencies. In fact, Bitcoin has jumped above $24,000, while Ether has risen to around $1,500. As a result, the total market capitalization of all tokens has risen to over $1 trillion.
Navcoin also rose as investors cheered the strong performance of other privacy coins. For example, Monero has gained more than 5% in the past 24 hours. The same goes for other tokens like Dash and ZCash.
Navigation Coin Price Prediction
The daily chart shows that NAV prices have been in a strong bullish trend over the past few days. It has managed to break above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) is approaching overbought levels.
Therefore, the coin is likely to continue to rise as bulls target the key resistance at $0.50. However, a break below the support at $0.106 will invalidate the bullish view.