Ravendex drops more than 5% amidst a recovering market

Ravendex price analysis brings a bearish prediction for the token which has dropped more than 5% in the last 24 hours as the market is recovering. It is also important to note that the price action failed to consolidate above the $0.005 price region which was an important region of resistance for the token, as noted in our RAVE price analysis for March 25, 2022. We might witness trying to break above this region once again in the near future. 

The daily candle for Ravendex opened at a price of $0.00414 and reached a daily high of $0.00417. Furthermore, the daily low for RAVE stands at a price of $0.00413. At the time of publishing, the price of 1 RAVE is $0.00417.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dropped 18.72% in the last 24 hours, followed by a 5% drop 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 28 on the daily candle

Ravendex price analysis for March 28 will take into account the readings from 3 of the most prominent indicators in the crypto space which have been used for a long time and represent the market movement.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and we can see a bearish divergence in the coming days for Ravendex.

The RSI indicator has turned bearish as the gradient of the line suggests that bearish movement will follow. 

The price action is dropping to the middle zone of the Bollinger Bands and we might see a bearish outbreak if a similar situation continues. 

Conclusion

Ravendex price analysis for March 28, 2022, ends on a bearish note for the token as chances of RAVE breaking $0.005 resistance seem low for now.