Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- the Revain price jumped 500%, from $0.0060 to $0.03950. However, in the 10 days following, its native REV token has halved in price.
The Revain price doubled during the first week of September, only to drop 50%, giving it all back, the following week. So what to make of Revain (REV/USD) now? Is the current price cheap, or was REV massively overvalued earlier this month?
What is Revain?
Revain is an Ethereum-based review platform that aims to provide developers with constructive feedback on their projects. The platform only allows pre-approved experts to publish reviews on the site which ensures high-quality and impartial critiques.
This model proved a winner for investors over the last month. Between the 1st of August and the 4th of September, the Revain price jumped 500%, from $0.0060 to $0.03950. However, in the 10 days following, its native REV token has halved in price. Currently, Revain is changing hands just below $0.0200, leaving investors unsure as to what comes next.
REV Price Forecast
The four-hour chart shows the REV token has been trending lower for the last 10 days. Although the highs are getting lower, the price has so far reversed from $0.0180, creating a robust horizontal support level. This has resulted in a descending triangle pattern forming. The top-end of the triangle is currently seen at $0.0210 and is the first resistance level. Although the Revain price traded above the trend earlier today, the four-hour candle closed within the pattern, reinstating the trend resistance.
Successful clearance of $0.0210 on a closing basis would suggest a bullish breakout and target the 9th of September high at $0.0294.
However, if REV slides below the support at $0.0180, the break out is on the downside. Should this occur, the Revain price could encounter technical selling, triggering an extension lower to the horizontal support around $0.0110.
Revain Price Chart (4-Hour)
For more market insights, follow Elliott on Twitter.