Ravendex price analysis for Feb 22, 2022, confirms that the first non-custodial DEX on the Cardano blockchain has turned bearish. As noted in our RAVE price analysis for Feb 21, 2022, the token turned bullish following a surge in buying pressure. On the other hand, the token might be aiming for lower prices in the near future as the market remains bearish.
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The data from CoinMarketCap shows that the trading volume of the token dropped 5.48% in the last 24 hours, followed by a 22.77% chance in the price. Moreover, the Fully Diluted Market Cap of the token fell nearly 24%, while the token is currently 196.52%, up from the all-time low witnessed on Jan 11, 2022.
The daily candle of the token opened at a price of $0.00416 and reached a daily high of $0.004275. The daily low of the token stands at a price of $0.0034. Furthermore, at the time of writing, the price of 1 RAVE stands at $0.00340077.
Ravendex price analysis for Feb 22 on the daily chart
Ravendex price analysis on the daily chart confirms that the token has turned bearish. However, we will use 3 major indicators to detect the future price movement.
The RSI indicator shows that the gradient of the line is negative, and it is possible that the token dips into the bearish zone. The current value of the RSI is nearing 25, and soon, we might see RSI in the oversold levels.
The MACD indicator shows that the MACD line (blue) has broken below the signal line (orange), which means that lower prices are possible and bears are in control.
The price action is also breaking out of the lower end of the Bollinger Bands which means that buyers are not able to resist the selling pressure. Lower prices are possible.
Conclusion
Ravendex price analysis for Feb 22, 2022, can be concluded on a bearish note, and it is possible that the token might witness another bearish drop in the near future.
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