Ravendex falls 6% in 24 hours: Don’t Panic and HODL RAVE

Ravendex price analysis for Feb 17, 2022, comes with a bearish analysis for investors as a sell-off can be witnessed on the 4-hour chart. It is also expected that soon, the popularity of the first non-custodial DEX on the Cardano blockchain might surge, causing the prices to shoot up. Moreover, as seen in our RAVE price analysis for Feb 17, 2022, the prices were bullish, and today’s bearish transition might be a correction.

The data from CoinMarketCap shows that the trading volume of the token declined 6.73% in the last 24 hours. The market rank of the token is 3584, while the fully diluted market cap fell by 6.05%. The token is currently 78.67% low from its all-time high witnessed on Dec 25, 2021. 

The daily candle for Ravendex opened at a price of $0.005128 and reached a daily high of $0.00525. Moreover, the daily low for the token stands at $0.00518. At the time of writing, the price of 1 RAVE stands at $0.00524, which is nearly 332.32%, up from its all-time low witnessed on Jan 11, 2022.

Ravendex price analysis on the 4-hour chart

Ravendex price analysis on the 4-hour chart includes 3 major indicators that help a lot in predicting the future possibilities for the token.

Source: TradingView

The RSI indicator on the chart above confirms that the bears are in control as the RSI line continues in the lower region. The selling pressure defeats the buyers while the line gradient is slightly positive, meaning higher prices are possible.

The MACD indicator shows that the MACD line (blue) continues to progress below the signal line (orange) which means that bears are in control.

The price action broke out from the lower end of the Bollinger Bands, which means that the bulls might fight the bears for control.

Conclusion

Our Ravendex price analysis for Feb 17, 2022, can be concluded on a bearish note for today. However, bearish trends are the best time to buy any cryptocurrency, and TheCoinRise is definitely bullish on RAVE.