Ravendex drops 8% as RAVE attempts to turn $0.004 into support for future rally

Ravendex price analysis for March 4, 2022, comes on a bearish note for the token as it fell more than 8% in the last 24 hours, followed by the onset of a bearish transition. However, it is essential to note that the token broke above the critical resistance of $0.004, indicated in our RAVE analysis for March 3. The price action tries to retain above $0.004, which might become major support if bulls keep up.

The data from CoinMarketCap shows that the trading volume of the token dropped 17.86% in the last 24 hours, followed by an 8% chance in the price. Moreover, the Fully Diluted Market Cap of the token fell nearly 8%, while the token is currently 233.52%, up from the all-time low witnessed on January 11, 2022. 

The daily candle of the token opened at a price of $0.00405 and reached a daily high of $0.00409. The daily low of the token stands at a price of $0.00400445. Furthermore, at the time of writing, the cost of 1 RAVE stands at $0.004016.

Ravendex price analysis for March 4 on the daily chart

Ravendex price analysis on the daily chart confirms that the token has turned bearish. However, we will use three major indicators to detect future price movement.

Source: TradingView

The MACD indicator shows that the MACD line is touching the signal line and might break below it. Moreover, the histogram might also turn bearish. 

The price action is touching the middle zone of the Bollinger Bands, which is not a very pleasant scenario for the token as selling pressure has surged. 

The RSI line reads a value closer to 50, but the gradient of the line is negative, which means that lower prices are possible in the near future. 

Conclusion

The Ravendex price analysis for March 4, 2022, confirms that the token has now will retest the $0.004, and it is important that it’s retained. Losing this support might not be beneficial to the bulls.