The native token for the first Cardano-based non-custodial decentralized exchange, Ravendex, has gone up 11% today 21 February 2022. This is according to data from CoinMarketCap which shows that the token price has gained over 11% in the last 24 hours.
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The token had been down recently, after a long period of bullish trend despite the crashing market. However, it turned bearish recently, followed by another uptrend which seems to have been started by the bulls as they overpower the bears again.
Below is the daily chart of the token against USDT. with the Relative Strength Index (RSI) at roughly 50, there seems to be no clear break and there is a 50-50 chance of breaking in either way. This is confirmed by the tightening Bollinger Bands which suggests that the price is in consolidation and may break in the bullish or bearish direction.
The MACD however shows clearly that the token is still in a bearish trend as the trendline is well above the MACD line, indicating a bearish state. A change in trend will be indicated by the MACD crossing above the trendline.
After going up 289.07%, RAVE is currently down 80.80% from its all-time high and with a good chance of retesting the all-time high in 2022.
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