REV Technical Analysis: Price Tested and Fallen Below the 61.8% FIB Retracement Level of $0.0116

Revain is a public blockchain network that fosters transparency by allowing users to browse, rate, and review a large number of brands. It uses AI technology to filter out low-quality reviews and reward top-quality reviews. It also audits the reviews for plagiarism and other criteria before publishing. REV is the native token of this network and its technical analysis is as follows:

Past Performance

On May 17, 2021, REV started trading at $0.03. On May 23, 2021, REV closed at $0.01. Thus, in the past week, the REV price has declined by approximately 67%. In the last 24 hours, REV has traded between $0.011-$0.012.

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Day-Ahead and Tomorrow

Currently, REV is trading at $0.0115. The price hasn’t changed from the day’s opening price of $0.0115. Thus, the market seems to be neutral with equal pressures being exerted by the bulls and the bears.

The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish. Hence, we can expect the price to start falling.

The OBV indicator is downward sloping. This implies that selling volumes are much higher than buying volumes. Heavy offloading activity will exert downward pressure on the REV price.

Currently, the RSI indicator is at 49% and is relatively stable therein for the past few minutes. It faced rejection at 41% and rose to the current level. However, selling pressures are still much higher than buying pressures.

In short, when we look at all three indicators together, we can say that the overall market momentum is negative and the price is expected to start decreasing.

REV Technical Analysis

Currently, the price is above the Fibonacci pivot point of $0.0113. The price is likely to soon fall below the pivot point. If the bears gain strength, then the price may fall below the first support level of $0.011 after some time.

The price has tested and fallen below the 61.8% FIB retracement level of $0.0116. It may soon fall below the 50% FIB retracement level of $0.0115 as well. Thus, the price downswing seems strong and is expected to continue today and tomorrow.