REV Technical Analysis: Forming New Highs at $0.03, Look for a Short-Bull Run

Revain is a review platform for e-commerce and financial services. Initially, the platform supported R and RVN tokens. After the company found it difficult to integrate the R tokens into other blockchains, it decided to swap R for REV tokens on March 26, 2020. REV and RVN are the tokens currently used on the platform.

REV is based on Ethereum’s  ERC-20 standard, TRC20, and BEP20. Authors are rewarded with REV tokens, which are utility tokens. Let us look at the technical analysis of REV.

Past Performance

The current price of REV is $0.33, which is up by 27.35% in the last 24 hours, resulting in an equivalent increase in the market cap of REV 27.35%. REV traded between $0.025-$0.034 in the last 24 hours.

https://www.tradingview.com/x/LqK0XG5R/

REV Technical Analysis

The price, after breaking out of its three-month-long resistance, has formed a new high. At the time of press, it is trading at $0.03. A breakout from this range will highlight the next resistance level at $0.05. Looking at the market trend and bitcoin’s value, the possibility of breaking out is higher.

Let us look at what the indicators are indicating;

The RSI is currently at 83.60% in the overbought region. Although, the RSI peaked at 86.24% and took a downswing indicating that selling pressures are approaching the market. However, the RSI is expected to take support from the 70% mark. A Breakdown from this level will bring the RSI into a bearish phase.

MACD and EMA lines are above the zero range, suggesting a buy on the REV. The lines are rallying upwards on the chart, suggesting the selling and buying pressures are exponential. MACD is above the EMA, suggesting the buying pressures are high on this horizon.

On the daily chart, the OBV has taken a downswing suggesting a depreciation in the volume.

Day-Ahead and Tomorrow

The price has broken its recent high at $0.02, although on the chart the price is falling. If the buying pressures prevail strongly, we might expect the price to find immediate support at $0.03 and bounce back. At this point, the market is crucial as the indicators suggest that the selling pressures are approaching, and there might be a bearish trendsetter.

However, if the price rises and breaks out of the current zone, it will highlight the next resistance level at $0.05. Traders can take a long position accordingly.

   
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