REV Technical Analysis: Short-Term Pain Possible, Trend Bullish for the Next Few Weeks
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Past Performance of REV
REV price has delivered a loss of 8% in its REVUSDT trading pair in November 2021. However, last week, the price has seen an interesting movement. It gained around 15% of price recovery to $0.112. In the last 24 hours, the price has traded between a high of $0.01051 and a low of $0.00974, giving an approximate 5% increase at the time of writing.
REV Technical Analysis
At the time of writing, REV/USDT was trading around $0.0104 and in the green zone with a 5% increase. However, one needs to observe the price rise going into the new year as the price is just making up lost gains of 2021. The price had held to $0.338 in September 2021. Thus, this is a huge scale down. One needs to watch the open interest in REV/USDT pair.
Despite the recent surge in price, REV’s long-term trend remains negative. This is because the broader market has been in a bearish trend for the past six weeks. REV experienced a similar rally on December 13 before the coin experienced a correction again.
Over the past three months, REV has lost more than 50% of its value. In September, REV was trading around the $0.018-$0.330 level per coin. However, its value has been declining ever since, despite the intermittent price surge.
The following technical indicators can be seen for understanding the next few days’ movements.
The price is quite away from the Exponential moving average of $0.00975. It can be viewed as a positive sign to hodl and watch the movement.
The On-balance Volume is at a negative 63.2 million in a downward dip. This shows the interest in spot trading is waning, and the prices can move downwards if this sustains for a few days.
The RSI is catching at a mid-range of 48% and in a neutral zone. This means one needs to watch out for the strength of the direction as it can move in either way. It is important to see the next 12-hour price movements along with this strength oscillator.
The MACD line (fast line) is moving above in divergence with the Signal line (slow line). The gap is small yet fuelling the change in the trend towards positivity. Thus, a small price appreciation seems possible for the next few hours. And, it would be wise to hodl and wait for a clear future trend of its pivot levels.
Price Trends for the Day-Ahead and Tomorrow
In the coming few days, one can look at an increase in prices, unless the volume interest pushes it below. One can expect it to be near the next resistance. Lookout for the first resistance level of $0.01900, the second resistance level of $0.02153, and the third resistance at $0.02564.
In case the market dips slightly, one should expect it to fall near the pivot level of $0.01490 The next support levels will be seen at $0.01079, $0.00826, and $0.00416, respectively.