Ravencoin Prediction: Long-term (RVNUSD) Value Forecast – June 11
• Ravencoin is in a long-term bearish trend.
• There has been some bullish effort in recent times, which is not strong enough to override the major bearishness in the market.
• Supply zones: $0.07, $0.075, $0.08
• Demand zones: $0.055, $0.05, $0.045
RVNUSD Long-term Trend: Bearish
RAVECOIN is in a downward trend in its long-term outlook. $0.068 in the supply area as the high of the day was attained yesterday by the bulls. However, the close of the day at $0.067 with a wick candle suggests exhaustion of the bullish momentum, hence bears brief return.
The bears’ pressure on the coin led to a drop in price to $0.062 with the formation of a bearish candle at the lower demand area of the market. The momentum in price continues in a downward trend as it journeys down south around $0.062 in the lower demand area. This indicates the sellers are coming into the market in a grand style.
Price is below the exponential moving average 4 around the lower demand area, which suggests a downward momentum in the price of Ravencoin.The stochastic oscillator is pointing downward around the level 50%, an indication that the price is coming down gradually.However, patience coupled with a retest is needed before a position is taken.
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