- Revain’s recent bullish attempt gets converted into a neutral trend after token’s reduction on the chart
- The token’s current market price is near its monthly-low price mark
- The weekly performance of REV, however, stayed positive with a 3.02% gain in price
Revain’s recent bullish climb went in vain as the token went into the neutral trend after losing its positive momentum. The token’s market cap also decreased by 2.87% in the last few hours. The 24-hour trading volume registered a loss of 13.45% during the same intraday session. The volume to market cap ratio stands at 0.002496. The REV/BTC pair succumbed to an intraday loss of 8.63%, followed by the REV/ETH’s decrease of 8.11% during the same intraday session.
The 30-minute chart shows the current situation of the token. The overall market sentiment of the token stayed neutral after REV went from being bullish to being slightly bearish, which resulted in neutrality. One can see that even before the recent bullish rally, REV came down to become neutral after a similar bearish trend. The trend lines form a symmetrical triangle to confirm the ongoing neutral momentum. HOWEVER, the EMA lines currently run below the CMP of REV but may flatline shortly.
MACD supports the idea of an upcoming uptrend while RSI projects a fall in demand
The 4-hour time frame shows the big picture of REV and its previous trend data. The token stayed bullish in the last month’s time frame. Such a trend may influence the current trend as the investors would not show much interest based on the token’s past data. The monthly performance of REV has been under neutrality by 21.65%. Yet, the MACD line currently peeps out the zero level and rallies above the signal line as a ray of hope for REV and its investors. HOWEVER, the RSI graph appears to be rallying near the overbought zone, but the current neutral projection may bring down the graph in the safe zone.
The resistance is present at $0.01274, and the support is $0.00886.
Conclusion- Revain may stay neutral after another failed bullish breakout to secure a stable position in the market. It may dip further to attract a pool of dip buyers, but the chances of returning to the pre-fall price seem to be thin. Day traders may consider REV for a short position.
Resistance- $0.01274
Support- $0.00886
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.