- REV token shows a bullish crossover of the 20 and 50-day EMA
- The REV/BTC pair was trading at 0.0000001714 BTC with a gain of 0.16%
- The 24 hr trading volume in REV is $3.1 Million
On 20th July, the REV token showed a remarkable 160% price recovery after it bounced from the $0.7 support level. This new bullish rally has knocked several strong resistance on its way, and today it is at $0.17 with an 18.3% gain. However, as for now, the price is struggling to break out from a crucial resistance area of around $0.20, making the price wobble between the $0.18 and 0.137 levels.
Concerning the EMA’s, the REV token chart shows a bullish crossover of the 20 and 50 EMA, attracting more buyers in the coin. However, coinciding with the $0.19 resistance, the 100 EMA provides strong resistance to the REV token.
The RSI (BULLISH) value is at 65, indicating a bullish sentiment in the market. However, the RSI line shows a bearish divergence, indicating weakness in the bullish momentum.
REV Token Chart Shows A Double Bottom Pattern
The REV token shows the formation of a double bottom pattern in the 4hr time frame. This pattern can provide the extra push to the price required to break out from the overhead resistance level. Therefore, the REV traders can grab an excellent long opportunity in this token once it provides a decisive breakout from the $0.19 mark.
The MACD indicator still represents a bullish momentum as both the MACD and the signal line are moving above the neutral(0.00) zone. However, the indicator shows some bearish divergence, doubting the bullish pattern in the price.
Conclusion: From the technical perspective, the REV token indicates a strong bullish outlook with its price; however, the bearish divergence in RSI and MACD cannot be neglected, and therefore the REV traders should wait for a proper signal before entering into the coin market.
Support– $0.18
Resistance– $0.14