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REV Technical Analysis: Price Yet to Break the Resistance at $0.02

cryptoknowmics.com 13 October 2021 12:50, UTC
Reading time: ~2 m

Revain was founded in 2018 by Rinate Arsalanov and is currently located in Moscow, Russia. The Revain team was originally funded through a crowdsale in August 2017, raising about an equivalent of $8.5 million by selling R tokens to build its platform. Let us look at the technical analysis of REV.

Past Performance

The previous week started for REV with an open at $0.0178 on October 6, 2021. The price chart formed a valley, and it closed yesterday at $0.018. There was an overall change of +1.1% across the week.

Source: https://www.tradingview.com/x/se1U2pPN/

REV Technical Analysis

The first half of the week witnessed lower lows and the price went down. Then it took a crucial support at $0.015 and the trend reversed itself. However, the price is not able to break the resistance at $0.02 yet.

Currently, REV is trading at $0.019, which is 5.74% up from yesterday’s close. The price chart is showing strong bullish signals.

OBV is on an uptrend for the last few days. This means that the buying pressure is consistently dominating the selling pressure. This uptrend can be seen as a strong bullish signal. Traders may take a long position here.

RSI’s trend has also reversed itself. It is currently above the equilibrium at 55.18%. This is again a strong bullish signal. Traders may take a call for a long position.

MACD is showing the blue line’s cross over to the slow line. This confirms the last week’s reversal in the trend. It is also a strong signal to enter the market. Thus, traders may take a long position or hold their existing positions.

Day-Ahead and Tomorrow

Fib Retracement shows that the REV price chart has crossed the Fibonacci resistance level at $0.019. This is again a strong bullish signal.

Thus, traders may take a long position as all the indicators are showing bullish signals. The target can be placed at $0.022 and the stop loss at $0.018. However, the trend may reverse itself after hitting the current resistance at $0.02.

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