Ravendex on the verge of losing $0.0035: What to expect?

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Ravendex price analysis for April 8, 2022, confirms that the token remains bearish with a surge in selling pressure as chances of losing the $0.0035 price zone also seem pretty high. It is important to note that as per our RAVE analysis for April 7, 2022, the token failed to break above the $0.004 price region, and as a result, it went back to retest the $0.0036 price region. The sell-off has continued, with RAVE now hinting to break below the $0.0035 price level. 

The daily candle for Ravendex opened at a price of $0.00364 and reached a daily high of $0.003665. Furthermore, the daily low for RAVE stands at a price of $0.003500. At the time of publishing, the price of 1 RAVE is $0.00365.

The data from CoinMarketCap shows that the trading volume for the RAVE token has dropped 13.54% in the last 24 hours, followed by a 3.08% drop 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.

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Ravendex price analysis for April 8 on the daily candle

Ravendex price analysis for April 8 will take into consideration the data from the daily chart below, with a number of indicators integrated into the daily chart.

Source: TradingView

The RSI indicator reads a value below 40, while the gradient of the line suggests that the selling pressure has increased and lower prices will follow in the coming days. 

The MACD indicator shows that the MACD line and the signal line are very close to each other, as the MACD histogram is also bearish. 

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The price action for Bollinger Bands shows that the chances of losing the $0.0035 price region for Ravendex seem quite low, as a bearish breakout is certainly possible. 

Conclusion

The Ravendex price analysis for April 8, 2022, ends on a bearish note for the token as the chances of losing $0.0035 are quite high.

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