Ravendex prices remain sluggish: Strong resistance at $0.004 for RAVE

Ravendex price analysis for Feb 28, 2022, confirms that the token will be ending the month of February on a bearish note, just like the other tokens in the crypto market. However, the token did begin the month of Feb on a bullish note but, the bearish sentiment set in with the Russia-Ukraine conflict leading to the armament of the two nations. On the other hand, we witnessed in our RAVE price analysis for Feb 25 that the token has strong resistance at $0.004. 

The data from CoinMarketCap shows that the trading volume of the token has surged 7.82% in the last 24 hours, followed by a 1.10% surge in the Fully Diluted Market Cap. The token is currently 211.47% up from the all-time high witnessed on Jan 11, 2022, and is 84.63% low from the all-time high witnessed on Dec 25, 2021. 

The daily candle for the Ravendex token opened at a price of $0.00381 and reached a daily high of $0.00382. Moreover, the daily low for the token stands at $0.00373 and the price of 1 RAVE at the time of writing stands at $0.00374 with strong resistance at $0.004. 

Ravendex price analysis on the 4-hour chart for Feb 28

In the chart below, we have used three major indicators which will help us set a target for the future price trajectory that the token will follow.

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line, which means that the bulls or bears can either gain an advantage as prices remain sluggish. 

The RSI line continues to progress in the bearish region and reads a value below 50 which means that bears might take prices lower. 

The price action is situated in the lower end of the Bollinger Bands, which means that selling pressure is higher than the buying pressure. 

Conclusion

Ravendex price analysis for Feb 28 can be concluded on a sluggish note for the token which has major resistance at $0.0040.