Ravendex has made its 6 bearish daily candles after surging 294.05% from the all-time high of 0.00121 USD witnessed on Jan 11, 2022. It is also to be noted that there with the popularity of the Cardano blockchain continuously increasing in the coming days, there are chances of further price surges for RAVE since it is the first non-custodial DEX on the chain.
The Ravendex price analysis from Feb 17, 2022, shows that the RAVE token fell 6%, and in the last 24 hours, the prices have been down nearly 9%. The data from CoinMarketCap shows that the trading volume of the token declineddeclined 0.54%, while the fully diluted market cap dropped 8.85% in the last 24 hours.
The daily candle for RAVE opened at a price of $0.00466 and reached a daily high of $0.00468. On the other hand, the daily low for the token stands at a price of $0.0045. Furthermore, the price of 1 RAVE at the time of writing stands at $$0.0045.
Ravendex price analysis for Feb 18, 2022, on the 4-hour chart
The 4-hour chart below constitutes 3 major indicators to help predict the future potential price trajectory to be followed by Ravendex.
The MACD indicator shows that the MACD line (blue) continues below the signal line (orange), which is a very bearish scenario for the token. Also, the MACD histogram is bearish.
The RSI line shows that the token has dipped into the oversold levels. This is a very good buying opportunity for RAVE. Oversold levels are the best for buying any cryptocurrency. The gradient of the line is negative, and lower prices are possible for today.
The price action now aims to break out of the lower end of the Bollinger Bands, and it is possible that the token will fall below $0.003 in the near future if bulls don’t pick up the pace.
Conclusion
Ravendex price analysis for Feb 18, 2022, can be concluded on a bearish note for the day as there are chances of further dip.
