- The short and medium-term outlook is in the downtrend.
- Responsible selling recommended.
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 predicted target at $0.04200 in the demand area was tested today as the bears establish dominance in the medium-term outlook. Although the market opened today on a bullish note $0.04326.
$0.04379 was the high attained by minor bullish momentum before exhaustion sets in as the candle closed as a bearish spinning top. The 10-EMA was a strong resistance against the rally with price repeated rejected around this area.
The stochastic oscillator signal points down at 13% in the oversold region and price is below two EMAs. These suggest continuous downward momentum in price in the medium-term. $0.04000 in the demand area is the bears' target as the pressure becomes stronger.
RVN/USD Short-term Trend: Bearish
The bears sustained the momentum down south with the retest at $0.04379 twice before the final break down during yesterday session with a large bearish engulfing candle. RVNUSD dropped to $0.04249 in the demand area before the correction that push price up to $0.04525 above the key supply area.
Today session opened on a bullish note at $0.04285. Increased momentum pushed the coin up to $0.04411 within the key supply area and lost momentum.
The cryptocurrency dropped to $0.04176 in the supply area with $0.04150 in the demand areas as the target in the short-term.
Price is below the two EMAs and the stochastic oscillator signal points down at 40%. These suggest a downward momentum in price in the short-term.
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