Ravendex fails to enter $0.004: Bearish retracement possible

Cryptocurrency Price analysis and Prediction

April 06, 2022

Cryptocurrency Price analysis and Prediction

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Ravendex price analysis for April 6, 2022, begins on a bearish note for the token as the RAVE token failed to break through the $0.004 price region, and as a result, we saw a retracement towards the $0.0038 price region. Furthermore, it is also important to note that as per our RAVE analysis for April 5, 2022, the $0.004 price region was a crucial zone for the bulls which the token hasn’t been able to break through,

The daily candle for Ravendex opened at a price of $0.003837 and reached a daily high of $0.0033921. Furthermore, the daily low for RAVE stands at a price of $0.003672. At the time of publishing, the price of 1 RAVE is $0.003812.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dropped 2.86% in the last 24 hours, followed by a 1.93% drop in the diluted market cap. It is also important to note that the all-time low was seen on Jan 11, 2022, at $0.00121 while the all-time high was $0.02453.

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Ravendex price analysis for April 6 on the daily candle

Ravendex price analysis for April 6 will take into account the data from the daily chart below which includes 3 major indicators represented on the daily chart.

Source: TradingView

The RSI indicator shows that the chances of a bearish drop are high as the gradient of the line is also negative and the bearish pressure seems high.

The MACD indicator shows that the MACD line and the signal line are very close to each other as the chances of a bearish divergence are very high. The MACD histogram is also bearish.

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The price action is situated in the lower end of the Bollinger Bands and investors can expect the Ravendex token to break out of the region in the near future.