REV Technical Analysis: Price Below the FPP of $0.041, Likely to Fall Further
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REV Technical Analysis: Price Below the FPP of $0.041, Likely to Fall Further

May 11, 2021      Ankita Awasthi

Revain is a blockchain-based review and rating platform where users can voice their opinions, rate and review products, and discover new products too. Users can receive REV tokens as rewards for high-quality reviews. The Revain network harnesses the power of AI to filter out low-quality reviews, conduct plagiarism checks, and identify the best reviews eligible for winning rewards. The following REV technical analysis will predict price trends for the next two days:

Past Performance

On May 4, 2021, REV started trading at $0.013. On May 10, 2021, REV closed at $0.035. Thus, in the past week, the REV price has skyrocketed by 169%. In the last 24 hours, REV has traded between $0.027-$0.062.

https://s3.tradingview.com/snapshots/g/ghTSanli.png

https://s3.tradingview.com/snapshots/g/ghTSanli.png

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Day-Ahead and tomorrow

Currently, REV is trading at $0.031. The price has decreased from the day’s opening price of $0.036. Thus, the market seems to be downtick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is bearish. The price is likely to go down further.

Currently, the RSI indicator is at 19% – deep into the ‘oversold’ territory. Thus, selling pressures are extremely high. Hence, the RSI indicator is also pointing towards a further price decline. It is a good time for swing traders to go long.

Besides, the OBV indicator is downward sloping too. This implies that selling pressures are much higher than buying pressures. Thus, the OBV indicator is giving further credence to the bearish price trend indicated by the RSI and MACD oscillators.

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REV Technical Analysis

At present, the price is below the Fibonacci pivot point of $0.041. It is soon likely to fall below the first Fibonacci pivot support level of $0.028. As the bears seem strong, the price is likely to fall below the subsequent support levels of $0.02 and $0.01, respectively.

Currently, the price has fallen below the 76.4% FIB retracement level of $0.035. As the bearish momentum seems strong, the price is soon likely to fall below the 138.2% FIB retracement level of $0.014. In a nutshell, the negative price trend is likely to sustain till tomorrow.

#REV #Revain
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.