Ravendex falls below $0.004 resistance: RAVE to make a second attempt

Ravendex price analysis for Feb 24, 2022, comes with a bearish analysis for the token. It seems that after the bullish outbreak of the token noted in our RAVE price analysis for Feb 23, 2022, the token now seems to have entered a cool-off period. The price of RAVE has dropped around 3% in the last 24 hours, and the nearest resistance for prices stands at $0.004. 

The data from CoinMarketCap shows that the trading volume of the token has surged 29.94% in the last 24 hours followed by a 0.46% drop in the diluted market cap of the token. Moreover, the Ravendex token is currently 83.79% low from its all-time high witnessed on Dec 25, 2021. 

The daily candle for RAVE opened at a price of $0.00402 and reached a daily high of $$0.00405. Furthermore, the daily low for the token stands at a price of $0.00376. The price of 1 Ravendex token is $0.003908 at the time of writing. 

Ravendex price analysis for Feb 24 on the 4-hour chart

Ravendex price analysis on the 4-hour chart will be implemented using 3 major market indicators that can help us predict the future price trajectory of the token.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is very close to falling below the signal line (orange) which would turn the prices bearish. Moreover, the MACD histogram is about to turn bearish. 

The RSI line has dripped below the 50-mark which means that sellers are dominating. If this continues, RAVE won’t be able to breach $0.0040. 

The price action is now dropping towards the lower end of the Bollinger Bands which means that the bears are in control on the 4-hour chart. This means that it will be difficult for the token to break above $0.004 in the near future.

Conclusion

Ravendex price analysis for Feb 24, 2022, can be concluded on a bearish note for the token as the token fails to break above $0.0040.