Ravendex dips 6% as selling pressure rose, RAVE might go below $0.003

Ravendex price analysis for March 9, 2022, confirms that the RAVE token has turned quite bearish as the token has lost the opportunity to break above the $0.004 price level. The token aimed to turn bullish by breaking above $0.004 but failed to do so, and as a result, the $0.004 is now a resistance level, as noted in our RAVE price analysis for March 7. The prices have returned to the support above $0.0035.

The data from CoinMarketCap shows that the token is 85.18% low from the all-time high of 0.02453 USD witnessed on December 25, 2021. It is a fact that the trading volume of the token has surged 5.68% in the last 24 hours, followed by a 5.99% drop in the diluted market cap. It is also important to note that at the time of writing, the price of 1 RAVE is 0.00361 USD, which is 200.32% high than its all-time low. 

The daily candle for Ravendex opened at a price of $0.003617, followed by a daily high of $0.003629. Furthermore, the daily low for the token stands at a price of $0.003600. On the whole, the token remains stuck in a downtrend.

Ravendex price analysis for March 8 on 4-hour chart

Ravendex price analysis for March 2022 confirms that the token has turned bearish as it was unable to breach $0.004. However, we will also use three major indicators to discover a deeper price action.

Source: TradingView

Ravendex price analysis on the chart above shows that the RSI reads a value below 50 which means bears are in control, and also, the gradient of the line is negative, which means lower prices are possible in the near future.

The MACD indicator shows that the MACD line has broken below the signal line as the two lines are very close to each other, hinting at sluggish price action.

The price action for Ravendex is situated in the lower end of the Bollinger Bands, which means that a bearish breakout is possible in the near future.

Conclusion

Overall, Ravendex price analysis ends on a bearish note as $0.0036 is very important to price support.