Ravendex momentarily breaks $0.004, but bulls fail to hold strong

Ravendex price analysis comes with a little optimism today as the token has surged more than 3% in the last 24 hours and was able to break the long-time resistance of $0.004, which was also noted in our RAVE price analysis for March 14, 2022. It is also important to note that in order to confirm a bullish trajectory being followed, RAVE needs to break above the $0.004 resistance and hold. Although, the token failed to hold above $0.004 today.

The data from CoinMarketCap shows that the trading volume for the RAVE token has surged 2.67% in the last 24 hours, followed by a 4.12% rise in the diluted market cap. At the time of publishing, the price of 1 RAVE is $0.003987. Investors should also keep in mind that the all-time low for the token was witnessed on Jan 11, 2022, at $0.00121 while the all-time high was 0.02453 USD.

The daily candle for Ravendex opened at a price of $0.00389 and reached a daily high of $0.003900. Furthermore, the daily low for RAVE stands at a price of $0.00385. It can be said that the token is bearish being 84.30% low than its all-time high. 

Ravendex price analysis for March 15 on the daily chart

Ravendex price analysis for March 15 2022 calls for the use of these major indicators on the daily chart. 

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are diverging apart and it is clear that a bullish divergence was noted.

The RSI line reads a value above 40 and the gradient of the line suggests that higher highs are being made. However, it seems that bulls are unable to maintain prices above $0.004.

The price action has jumped into the upper end of the Bollinger Bands and the narrowing of these Bands suggests that strong volatility will follow.

Conclusion

The Ravendex price analysis for March 15, 2022, ends on a bullish note for RAVE but an uptrend cannot be confirmed until $0.004 is turned into support.