REV Technical Analysis: Price May Go Down Below $0.1280

Revain (REV) 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. The following REV technical analysis will predict the price momentum for the next couple of days:

Past Performance

During the last week, REV has traded between $0.01327 and $0.3383. It is about 48.28% higher than its range in November 2020. Although the Return On Investment in the calendar year has been 69.90%.

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Day Ahead And Tomorrow

In the past 24 hours, REV is down by 14.21%, forming a bearish daily candle. REV has traded between $0.0149 and $0.1951 making high and low, respectively. The volume has decreased by 25% in the last 24 hours.

The price is about to break down from the key support of the bearish descending triangle. It is a bearish chart pattern that is formed when lower highs connect with a series of lows. At the time of writing this, the price is trading near to the key support level that is, $0.01478.

If the price breaks the level of $0.01478, it will highlight the next support level which is $0.01280. On the other hand, if the price level breaks the first resistance on the descending trend line of $0.01626 it will highlight the next level of $0.1793.

The RSI has slipped close to the oversold zone, confirming the selling pressure in the market. If the same selling pressure continues then RSI can go below 40%.

The MACD line has been in the negative zone, proving the dominance of the sellers. The MACD line is crossing under the signal line, pronouncing the bearish sentiment the market is in.

REV Technical Analysis

The key resistance of a probable fall is at $0.02356. It will be a break-up if that level is breached. Traders can take a long position from that level and keep a target of $0.02882.

It is more likely that the price will break down, so traders can open a short position below $0.01478 with a target of $0.1280 and keep the stop loss at $0.01626.