Ravendex drops to $0.0036 price zone as downtrend continues

The Ravendex price analysis for April 7, 2022, ends on a bearish note for the token, indicating that this might be the right time to buy.
The Ravendex price analysis for April 7, 2022, ends on a bearish note for the token, indicating that this might be the right time to buy.

Ravendex price analysis for April 7, 2022, comes on a bearish note for today as the chances of the token getting back to the $0.004 price region seems low. It is also important to note that, as noted in our RAVE price analysis for April 6, 2022, the token has major resistance at a price of $0.004, which was earlier a major support for the price action. It is also crucial to consider that chances of the formation of higher highs are low.

The daily candle for Ravendex opened at a price of $0.00364 and reached a daily high of $0.003665. Furthermore, the daily low for RAVE stands at a price of $0.003500. At the time of publishing, the price of 1 RAVE is $0.00365.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dropped 0.05% in the last 24 hours, followed by a 5.20% drop in the diluted market cap. It is also important to note that the all-time low was seen on January 11, 2022, at $0.00121, while the all-time high was $0.02453.

Ravendex price analysis for April 7 on the daily candle

Ravendex price analysis for April 7 will consider the data from the chart below, which has 3 of the biggest indicators on the daily chart placed in it.

Ravendex price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains above the signal line, which means that the bears are in charge of the price action.

The RSI indicator shows a value below the 40 region which means that the selling pressure is quite high for the token. 

The price action for the Ravendex token has dropped to the lower end of the Bollinger Bands, and we can expect RAVE to break out from the lower end in the near future.

Conclusion

The Ravendex price analysis for April 7, 2022, ends on a bearish note for the token, indicating that this might be the right time to buy.

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