• The short and medium-term outlook is in a range-bound market.
• Patience is required at this period of consolidation.

RVN/USD Medium-term Trend: Ranging

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

RVNUSD is in a range-bound market in the medium-term outlook. The cryptocurrency rose to a high of $0.06777 in the supply area and closed with a low at $0.06323 in the demand area during yesterday session. The bulls briefly held on the market shortly after today's’ opening session at $0.06521.

RVNUSD was up at $0.06747 in the range before momentum loss and the bulls took control of the market for another push to the downside. Price was down to $0.06451 as the bears target the lower demand area in the medium-term.

RVNUSD is in consolidation and trading between $0.07000 in the upper supply area and at $0.06000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

RVN/USD Short-term Trend: Ranging

The bears sustained the downward price movement from $0.06777 in the supply area until the formation of a doji at $0.06209 in the demand area during yesterday session. The bulls gradual takeover began with the break out at the two EMAs as price rose to $0.06614 before the end of the session.

The upward movement was sustained as the market opens to with a rise in price to $0.06209in the supply area twice as the cryptocurrency consolidates in the short-term.

$0.06700 is the upper supply area while $0.06300 is the lower demand area of the range. Patience should be exercised for a breakout at the upper area or a break down at the lower area with a retest before a position is taken.

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