Ravendex bulls trying hard to turn $0.005 into support: Success imminent

Ravendex price analysis for March 24, 2022, comes on a bullish note for today as the token has surged by the $0.005 mark which has been a strong resistance and it seems that the bulls are trying hard to turn this level into a strong support. It is also important to note that the token might aim for higher prices in the near future if the trading volume continues to surge, as noted in our RAVE price analysis for March 23.

The daily candle for Ravendex opened at a price of $0.0047316 and reached a daily high of $0.00501. Furthermore, the daily low for RAVE stands at a price of $0.0047313. At the time of publishing, the price of 1 RAVE is $0.005008.

The data from CoinMarketCap shows that the trading volume for the RAVE token has jumped 10.68% in the last 24 hours, followed by a 3.3% rise in the diluted market cap. Investors should also keep in mind that the all-time low was seen on Jan 11, 2022, at $0.00121 while the all-time high was 0.02453 USD.

Ravendex price analysis for March 24 on the daily candle

Ravendex price analysis for March 24, 2022, will take into account the readings from the following indicators:

Source: TradingView

The MACD indicator shows that the MACD line continues above the signal line which means that the bulls are in charge of the price action in the longer run. 

The RSI indicator reads a value above 50 which means that there is a continuous demand for the Ravendex token. The gradient of the line suggests that higher prices are possible.

The price action is about to break out of the upper end of the Bollinger Bands which means that a bullish breakout is possible. 

Conclusion

Ravendex price analysis for March 24, 2022, ends on a bullish note for the RAVE token as chances of turning $0.005 into support are quite high. If successful, we might see RAVE towards the mid-$0.005 price level.