Ravendex holding strong at $0.0032: Bears remain in control

Ravendex price analysis for April 13, 2022, comes on a bearish note for the token with slightly positive news that the token is holding support at $0.0032 which is a crucial area for now. We have witnessed a huge decline in prices as the token wasn’t able to hold prices above $0.005 and as a result, it fell back below $0.004 price support. As noted in our RAVE price analysis for April 12, 2022, the retracement towards $0.0032 came after the token lost all the support levels between $0.0032 and $0.004. 

The daily candle for Ravendex opened at a price of $0.00361 and reached a daily high of $0.00374. Furthermore, the daily low for RAVE stands at a price of $0.0035. At the time of publishing, the price of 1 RAVE is $0.003529.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dropped 10.54% in the last 24 hours, followed by a 0.12% surge in the diluted market cap. It is also important to note that the all-time low was seen on January 11, 2022, at $0.00121, while the all-time high was $0.02453.

Ravendex price analysis for April 13 on the daily candle

Ravendex price analysis for April 13 will consider the data from the chart below which consists of 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are quite far apart as the signal line dominates indicating bearish control. 

The RSI indicator reads a value below 40 and is about to enter the oversold region and the gradient of the line suggests that sluggish price action for Ravendex will continue. 

The price action is testing a bearish breakout from the lower end of the Bollinger Bands and as a result, $0.0032 is a crucial support. 

Conclusion

Ravendex price analysis for April 13, 2022 ends on a bearish note for the chances of making a move towards $0.004 seems low for now.