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.