Ravendex shows little progress in 24 hours: A wave of volatility might come soon

Ravendex price analysis for March 9, 2022, confirms that the token remains bearish and it is nearly 85.65% low from its all-time high witnessed on Dec 25, 2021, at a price of $0.02453. Moreover, there are chances that RAVE might remain bearish in the near future if similar price action continues. In the last 24 hours, we saw the token maintain a sluggish pace as it found support at $0.0035. Moreover, our RAVE price analysis for March 8 noted that the token failed to break above $0.004 and remained bearish. 

The data from CoinMarketCap shows that the trading volume of the token has surged 3.78% in the last 24 hours, followed by a 3.03% drop in the diluted market cap. It is also important to note that at the time of writing, the price of 1 RAVE is 0.00361 USD, which is 190.77% up from the all-time low witnessed on Jan 11, 2022.

The daily candle for Ravendex opened at a price of $0.003617, followed by a daily high of $0.003629. Furthermore, the daily low for the token stands at a price of $0.003600. On the whole, the token remains stuck in a downtrend.

Ravendex price analysis for March 9 on the 4-hour chart

Ravendex price analysis for March 9 2022 confirms that the token remains bearish but we will also use 3 major indicators on the 4-hour chart.

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line which means that volatility will soon follow after this sluggish price action.

The RSI indicator is just above the oversold level which means that if bears take over, we might see RAVE break out of the lower end of the RSI.

The price action is situated in the lower end of the Bollinger Bands and it is likely that we see RAVE experience a bearish breakout.

Conclusion

Ravendex price analysis for March 9 2022 ends on a sluggish note for the token as investors can expect volatility to follow.