• The short and medium-term outlook is in the bearish trend.
• Responsible selling at key areas with bearish reversal candlesticks.

RVN/USD Medium-term Trend: Bearish

Supply zone: $0.07000, $0.08000, $0.09000
Demand zone: $0.01600, $0.01500, $0.014000

RVNUSD continues in a downtrend in the medium-term outlook. After the rally to $0.05447 in the supply area from the tweezer bottom of 12th July, exhaustion gradually sets in. With the formation of inverted doji and break of the 10-EMA, the bears established control in the market over the weekend with a drop in price to $0.04112 in the demand area.

Today’s opening price at $0.04600 had the bears briefly control with the cryptocurrency down to $0.03978 and closing as a hammer an indication of a reversal.

A minor correction is ongoing as the bears prepare for the next downward movement which is confirmed by the two EMAs that are fanned apart. $0.03746 in the demand area may be retested as the journey down south resumes in the medium-term.

RVN/USD Short-term Trend: Bearish

The predicted target at $0.04600 in the supply area was attained on 12th July. The rally was sustained over the weekend until $0.05406 in the supply area as the bulls lost momentum. The coin to $0.04100 in the supply area as yesterday ended on a bearish note.

The 1-hour opening price at $0.04437 closed as a large bearish candle as the bears held on to the market with the cryptocurrency down to $0.03979 in the demand area.

Price is below the two EMAs with the 10-EMA acted as a strong resistance against upward price movement. The stochastic oscillator signal points down at 38%, suggesting downward momentum in price as the bears' eyes $0.03800 in the supply area.

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