Ravendex fails to hold above $0.004: Buy more and HODL?

Ravendex price analysis for April 5, 2022, brings bearish news for investors in the token as the RAVE token has fallen flat to the pressure exerted by the bears of the market. It is important to note that the $0.004 price region is an important level for bulls and failing to break above it means that investors should buy more and HODL. As noted in our RAVE price analysis for April 4, 2022, the chances of RAVE reclaiming $0.004 are high as long as $0.0039 holds as support.

The daily candle for Ravendex opened at a price of $0.0039177 and reached a daily high of $0.0039208. Furthermore, the daily low for RAVE stands at a price of $0.0039108. At the time of publishing, the price of 1 RAVE is $0.00391808.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dropped 2.81% in the last 24 hours, followed by a 3.05% 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.

Ravendex price analysis for April 5 on the daily candle

Ravendex price analysis for April 5 will take into account the data from the indicators embedded in the chart below.

Source: TradingView

The RSI indicator reads a value below 50 which means that the bears are currently dominating over the bulls indicating that the token is still stuck in a downtrend. 

The MACD indicator shows that the MACD line and the signal line are very close to each other as chances of a bullish divergence seem high if the bulls take over. 

The price action is situated in the lower end of the Bollinger Bands hinting that the bulls might not be able to recover easily if Ravendex loses $0.0039.

Conclusion

Ravendex price analysis for April 5, 2022, ends on a bearish note for the token as chances of reclaiming $0.004 seem quite low.