- The short-term outlook is the downtrend while the medium-term outlook is in a range-bound market.
- Patience is required at the consolidation period.
RVN/USD Medium-term Trend: Ranging
Supply zone: $0.07000, $0.08000, $0.09000
Demand zone: $0.01600, $0.01500, $0.014000
RVNUSD remains in a range-bound market in the medium-term outlook. $0.05852 at the lower demand area was the low while $0.06465 at the supply area was the high of the market during the weekend as the coin continues in consolidation.
Today’s 4-hour candle at $0.06263 closed a spinning top with the bears taking control as RVNUSD dropped to $0.06101 below the two EMAs, which confirm the bears' strong pressure on price.
The signal of the stochastic oscillator points down at 59% an indication of downward momentum in price within the range 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: Bearish
The lower demand area of the range at $0.06300 was broken due to the strong bears' pressure within the range on 14th June. RVNUSD fell to $0.05869 before exhaustion with the bulls staging a comeback. $0.06430 at the supply area around the trendline was a key rejection area.
RVNUSD rose to $0.06300 shortly after today’s opening but fell to $0.06110 in the demand area as the bears continue the journey down south.
$0.05900 in the demand area may be retested as the initial target with $0.05700 as the next in the short-term.
Live Ravencoin (RVN) Price:
1 RVN/USD =$0.0189 change ~ 2.80%
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