Revain is an online portal that is designed to give constructive feedback to developers about their blockchain-related projects. The experts on the website are incentivized to give authenticated and good-quality feedback. Let us look at the technical analysis of REV.
Past Performance
On July 06, 2021, REV opened at $0.0079. On July 12, 2021, REV closed at $0.00770. Thus, in the past week, the price has decreased by approximately 2.5%. In the last 24 hours, REV has traded between $0.0067 – $0.0077.
https://www.tradingview.com/x/0yQo7Nbn/
Day Ahead And Tomorrow
At the time of writing this, REV is trading at $0.0077. The price has increased by approximately 13.4%, from the day’s opening price of $0.0076. Thus, ending the previous day with a bullish candle, followed by a high volume candle. However, to break the long-term down-trend REV has to break the resistance of level $0.01146. Although REV is about to break out from the channel, we will get confirmation of the breakout once it passes and retest the $0.0085 level.
On the daily chart, the MACD and signal lines are in the negative zone. However, a bullish crossover by the signal line over the MACD line can be seen. The lagging indicator is indicating the REV price to rise for the rest of the day. Thus, as per the MACD indicator, we can witness a channel breakout on the upside.
Currently, the RSI indicator is at 37%. It has rallied from the 23% mark and has rallied to this mark. However, it is forming a bearish engulfing pattern. Thus, indicating high selling pressure in the market. As per the leading indicator, the day can be a high selling day.
REV Technical Analysis
We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal. Also, if RSI makes support at the 38% mark, it can then further confirm the trend reversal.
Currently, REV is trading above the Fibonacci pivot support level of $0.0075. If the bulls remain strong till day end, then the price is likely to rise above the first, second, and third resistance levels of $0.0080, $0.0085, and $0.0095, respectively.
