Ravencoin (RVN)

Ravencoin Prediction: Long-term (RVNUSD) Value Forecast- July 21

Azeez Mustapha
July 21, 2019

• The cryptocurrency is in a range-bound market.
• Patience is required in trading the consolidation.

Distribution zones: $0.08, $0.09, $0.10
Accumulation zones: $0.04, $0.03, $0.02

RVNUSD Long-term Trend: Ranging

RVNUSD long-term outlook continues in a range-bound market. $0.05 in the distribution area was the high of the day attained yesterday as the bulls remained in control within the range. The close of the daily candle at $0.048 with a doji suggests exhaustion of the bullish momentum hence the bears brief returned.

Today’s daily candle opens at $0.048 in the accumulation area was on a bearish note.

The bears' pressure on the cryptocurrency led to a drop in price to $0.045 at the lower price range.

Price is hovering around two EMAs and the stochastic oscillator signal points up at level 51%. These suggest upward momentum within the range in the long-term.

RVNUSD is in consolidation and trading between $0.08 in the upper distribution area and at $0.03 in the lower accumulation area of the range.

A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Azeez Mustapha

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.