Ravendex fails to break above $0.0045 while conditions remain tense

Ravendex price analysis confirms that RAVE might continue to retest $0.0044 minor support which won't hold for long if $0.005 isn't broken.
Ravendex price analysis confirms that RAVE might continue to retest $0.0044 minor support which won't hold for long if $0.005 isn't broken.

Ravendex price analysis for March 21, 2022, comes on a bearish note for the token as it has dropped nearly 3% in the last 24 hours. Moreover, the chances of this token turning bullish seem to be quite low as RAVE has lost the $0.005 level. It is also important to note that the RAVE price analysis for March 18 showed an 18% fall in prices as $0.0040 support remains strong. Since then, the token has moved upwards as seen from the data below. 

The daily candle for Ravendex opened at a price of $0.00451 and reached a daily high of $.004537. Furthermore, the daily low for RAVE stands at a price of $0.004459. At the time of publishing, the price of 1 RAVE is $0.004474.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dumped 6.22% in the last 24 hours, followed by a 3.79% 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 21 on the daily candle

Ravendex price analysis for March 21, 2022, on the daily chart below, uses 3 major indicators in the crypto space.

Ravendex price analysis
Source: TradingView

The MACD indicator shows that the signal line is below the MACD line which means that the bulls are in charge of the overall price action. 

Moreover, the RSI indicator for Ravendex also reads a value greater than 50 which means that the bulls are in control. However, the gradient of the line suggests that there might be a decline in prices coming soon.

The price action failed to break out of the upper end of the Bollinger Bands which means that a bullish outbreak is possible if buying volume surges.

Conclusion

Ravendex price analysis for March 21, 2022, confirms that the RAVE token might continue to retest the $0.0044 minor support which won’t hold for long if $0.005 isn’t broken.

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