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Ravendex Surges 11% As Market Is Bearish: RAVE To Make New ATH? Ravendex price analysis can be concluded on a bullish note

By Srivatsa KR

Opinions expressed by Entrepreneur contributors are their own.

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Ravendex price analysis for February 21, 2022, is very bullish as the token aims to make a new all-time high this year. RAVE has been bullish despite Bitcoin dipping below $39,000, as seen in our Bitcoin price analysis for February 21. It is also important to note that RAVE has been very bearish in recent days as well. But now, bulls aim to form an uptrend.

The data from CoinMarketCap shows that the prices for RAVE surged 11 per cent in the last 24 hours followed by a 1.94 per cent drop in the trading volume. Meanwhile, the token is currently 289.07 per cent high from its all-time high while being 80.80 per cent low from its all-time high. There is a huge chance that Ravendex might reclaim the previous all-time high this year.

The daily candle opened at a price of $0.00474 and reached a daily high of 0.00478 while the daily low for the token stands at a price of $0.00473. The price of 1 RAVE at the time of writing stands at $0.00477.

Ravendex price analysis for February 21 on the daily chart

In the chart below, we will use three major indicators to predict the future price of Ravendex.

The RSI indicator shows that the token made its way from the oversold zone to the neutral zone in the past few days. It is also to be noted that the RSI line is holding near the 50-mark which confirms that prices will remain sluggish.

The price action is situated in the upper end of the Bollinger Bands and if the token breaks out of the upper end, we might witness a bullish movement for prices.

The MACD indicator shows that the MACD line is below the signal line while the MACD histogram is also bearish. This means bears are in control.

Conclusion

Ravendex price analysis can be concluded on a bullish note for today. But, the token remains bearish overall.

Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.
Srivatsa KR

Start-up enthusiast & Blogger

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