• Ravencoin is in a consolidation
• Patience should be exercised trading the consolidation

Distribution zones: $0.082, $0.080, $0.078
Accumulation zones: $0.03, $0.02, $100.0

RVNUSD Long-term Trend: Ranging

RAVENCOIN is in a range-bound market in its long-term outlook. The bulls manage to push the price up at $0.071 in the distribution area and $0.052 in the accumulation area as high and low of the day respectively during yesterday session as the cryptocurrency continues consolidation.

The bulls’ increased momentum was lost as exhaustion sets in coupled with the spinning top bar that signaled the bears’ returned as the market opens today.

Today’s daily candle at $0.064 was bearish as the bears remained dominant in the market within the range. RVNUSD dropped further to $0.059 in the accumulation zone.

Price is hovering around the two EMAs and the signal of the stochastic oscillator points down at around level 51% an indication of an upward momentum within the range in the long-term.

RVNUSD is in consolidation and trading between $0.063 in the distribution area and at $0.03 in the accumulation area of the range. A breakout at the upper accumulation area or breakdown at the distribution 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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