Ravendex moves closer to $0.004 as prices remain sluggish for RAVE

Ravendex price analysis for March 2, 2022, confirms that the token is still stuck below the important support resistance level of $0.004, which means that there are chances of the token retracing lower prices if this isn’t reclaimed and turned into support. Moreover, as noted in our RAVE price analysis for March 1, buyers should be ready when RAVE breaks above $0.004. 

The data from CoinMarketCap shows that the trading volume of the token has dropped more than 1% in the last 24 hours, followed by a 2.39% drop in the Fully Diluted Market Cap. Moreover, it is also important to note that the Ravendex token is currently 211.32% up from the all-time low witnessed on January 11, 2022, and is more than 84% low from the all-time high witnessed on December 25, 2021. 

The daily candle for the Ravendex token opened at a price of $0.00386 and reached a daily high of $0.00388. Moreover, the daily low for the token stands at $0.00368, and the price of 1 RAVE at the time of writing stands at $0.003795, with strong resistance at $0.004. 

Ravendex price analysis for March 2 on the 4-hour chart

Ravendex price analysis for March 2 on the 4-hour chart will use some of the major indicators in the technical analysis world that are very important in predicting the future price trajectory for any commodity.

Source: TradingView

Ravendex RSI shows a value below 50 on the 4-hour chart, which means that this is a very good time to buy RAVE as the sellers are still in control. 

The MACD line is very close to the signal line, which means that lower prices are definitely possible and so are higher prices. There is a strong tug of war going on between bulls and bears. 

The price action has broken into the bullish zone of the Bollinger Bands, which is positive news for investors.

Conclusion

Ravendex price analysis concludes on a bearish note as the token has met with strong resistances and volume has declined.