RAVENCOIN Price Prediction Today: Daily (RVN) Value Forecast – July 1
- The short and medium-term outlook is in a downtrend.
- Responsible selling with bearish reversal candles may be considered.
RVN/USD Medium-term Trend: Bearish
Supply zone: $0.07000, $0.08000, $0.09000
Demand zone: $0.01600, $0.01500, $0.014000
RVNUSD remains in a bearish trend in the medium-term outlook. The bulls had brief control of the market over the weekend with a push of the cryptocurrency to $0.06104 in the supply area. This was 61.8 fib a trend reversal hence the bears returned. $0.05112 in the demand area was the low before the end of yesterday session with the sign of bearish exhaustion denoted by wicks in the candle.
Today’s market opened on a bullish note at $0.05239 with an engulfing candle. RVNUSD shot up to $0.05752 in the supply area. This bullish retracement may be exhausted at the 50-EMA or the50.0 fib area. The strong resistance at the EMA may return the bears for downward continuation in the medium-term.
With increased bearish momentum, a retest of the previous low at $0.04930urther breakdown to the $0.0850 in the demand area with more candles opened and closed below the two EMAs.
RVN/USD Short-term Trend: Bearish
The bears took over the market shortly after yesterday opening at $0.06056. The break at the EMAs crossover was as a result of increased momentum with a drop to $0.05250. Exhaustion sets in at $0.05177 in the demand areas before the end of the session.
The bulls had a brief dominance as the market opens today at $0.05247 with coin up at $0.05750 and $0.05655 around the trendline area. The bears' pressure remained strong hence the drop in price to $0.05104 in the demand area.
With price below the two EMAs and the stochastic oscillator pointing down at 23%, it suggests downward momentum in price.
$0.05000 in the demand area remains a target for the bears as the journey down south continues in the short-term
Live Ravencoin (RVN) Price:
1 RVN/USD =$0.1607 change ~ 19.32%
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