• Ravencoin is in a range-bound market.
• Patience is required at this period.

Distribution zones: $0.070, $0.080, $0.090
Accumulation zones: $0.038, $0.020, $0.010

RVNUSD Long-term Trend: Ranging

RAVENCOIN continues in a range-bound market in its long-term outlook. The bears’ pressure was sustained as it continues to push the price of RVNUSD further down breaking the two EMAs with a large bearish candle at $0.050 in the accumulation area during the session last week. However, the formation of the doji candle at $0.048 at the close of yesterday session signaled a trend reversal. Hence bulls’ brief returned.

Price was back within the range with a push to $0.052 in the distribution area as the market opens today on the daily candle as the cryptocurrency continues in the range. Price of RAVENCOIN is initially up at $0.0053 in the distribution area.

With the price of RVNUSD above the EMA-4 and the stochastic signal pointing up at around level 24% suggests that the momentum in the price of the coin is in an uptrend within its range.

RVNUSD is in consolidation and trading between $0.082 in the distribution area and $0.038 in the accumulation area of the range. A breakout at the distribution area or a breakdown at the accumulation area may occur hence patience is required to allow this to happen before a position is taken.

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