Ravendex attempts to reclaim $0.004 after a price surge of 2% in 24 hours

Ravendex price analysis for March 7, 2022, brings a slightly bullish analysis for investors as the token has surged more than 2% in the last 24 hours as per the data from BitMART crypto exchange. Furthermore, the token is aiming to reclaim the important price support of $0.004, which the token lost on our RAVE price analysis for March 5, 2022. 

At the time of writing, the price of 1 RAVE is 0.003929 USD, which is 216.12% high than its all-time low. The data from CoinMarketCap shows that the token is 84.40% low from the all-time high of 0.02453 USD witnessed on December 25, 2021. It is also important to note that the trading volume of the token has surged 3.43% in the last 24 hours, followed by a 1.84% rise in the diluted market cap.

The daily candle for Ravendex opened at a price of $0.003869, followed by a daily high of $0.003933. Furthermore, the daily low for the token stands at a price of $0.0038. On the whole, the token remains stuck in a downtrend.

Ravendex price analysis for March 7 on the 4-hour chart

Ravendex price analysis for March 7 on the 4-hour chart confirms that the token remains bearish on the while but has turned slightly bullish in the last 24 hours. Moreover, there are chances we might see another surge if the $0.004 price level turns into support.

Source: TradingView

The chart above shows that the MACD line has broken above the signal line, but the two lines are still very close on the 4-hour chart showing that prices are sluggish.

The RSI indicator has broken above the 50 price level and turned bullish as selling pressure has surged in the 4-hour chart. 

The price action for Ravendex broke into the bullish zone of the Bollinger Bands, which means that we will see higher prices in the near future. 

Conclusion

Ravendex price analysis for March 7 concludes on a bullish note, but unless the $0.004 price level isn’t turned into support, RAVE remains in a downtrend.