Ravendex tries to push through $0.0040: Volume remains sluggish

Ravendex price analysis for Feb 25, 2022, shows that the token remains sluggish as the entire market was impacted by the Russia-Ukraine crisis and the fear of an upcoming war. There are chances of a further drop in prices if tensions escalate. As seen in our RAVE price analysis for Feb 24, 2022, the token fell below the $0.004 price level. In this analysis, we will figure out what’s next for RAVE.

The data from CoinMarketCap shows that the token rose 2% in the last 24 hours, followed by a 44.45% drop in the trading volume and a 2.09% rise in the diluted market cap. Moreover, the Market Rank of the token is #3774, and the price of 1 RAVE at the time of writing is 0.004006.

The daily candle for Ravendex opened at a price of $0.00409 and reached a daily high of $0.0042. Furthermore, the daily low of the token stands at $0.0038. Meanwhile, the token is currently 83.39% low from the all-time high while being 236.72% up from the all-time low.

Ravendex price analysis on the 4-hour chart for Feb 25

The Ravendex price analysis for Feb 25, 2022, uses some of the most important indicators for the market, which will help us figure out the price trajectory of the token in the near future.

Source: TradingView

The chart above shows that the MACD line is very close to the signal line, which means that there is a possibility of a bullish divergence that would turn the prices bullish. 

The RSI indicator shows a value lesser than 50, which is followed by a negative gradient. This means that selling pressure is taking charge, and there are higher chances of lower prices. 

The price action has failed to jump above the middle zone of the Bollinger Bands, which has caused the token to retrace to the bearish zone.

Conclusion

Ravendex price analysis for Feb 25, 2022, confirms that the token remains sluggish, and it is unlikely that prices will hold above $0.0040.