• The short and medium-term outlook is in the downtrend.
• Traders may consider selling at key areas with bearish reversal candles as entry confirmation.

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 bearish trend in the medium-term outlook. Increased pressure on the coin by the bears after the target at $0.03746 in the demand area was attained, led to further dropped in price to $0.03663 in the demand area before the end of yesterday session.

The bulls made a comeback at the demand area due to the wick in the candle which connoted exhaustion. RVNUSD rose to $0.04203 in the supply area as the bulls remained in control after today’s opening session. The resistance at the 50-EMA was tested as the cryptocurrency rose to $0.04481 and closed as an inverted hammer.

Price is below the 50-EMA and the signal of the stochastic oscillator points up at % implying an upward momentum. The coin may be up to the 38.2fib area a trend continuation zone before possible bears return for downward continuation.

RVN/USD Short-term Trend: Bearish

The bears attained the predicted target of $0.03800 in the demand area during yesterday session. The coin dropped further before momentum loss to $0.03677 with the spinning top signaling a trend reversal with the bulls staging a comeback. $0.04102 above the 10-EMA was the rally was sustained.

The bullish momentum was sustained with the break of the resistance at the 50-EMA and the cryptocurrency was up at $0.04448 in the supply but closed as inverted pinbar an indication of bullish exhaustion.

The coin was down at $0.04059 below the EMAs crossover as the bears took control. The signal of the stochastic oscillator points down at 59% suggesting a downward momentum in price in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.