• The short and medium-term outlook is in a range-bound market.
• Patience should be exercised at this period.

RVN/USD Medium-term Trend: Ranging

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

RVNUSD continues in a range-bound market in the medium-term outlook. The wicks at the lower price range were evident of price breakdown and push up by the bears and bulls struggling for the market dominance. $0.05931 was yesterday low before the bulls stage a comeback and pushed the coin back up to $0.06315in the range.

The bulls sustained the momentum as today session opens at $0.06266 with price up at $0.06574. The signal of the stochastic oscillator points up at 68% an indication of upward 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: Ranging

The bears returned at $0.06572 in the range on 14th June and dropped price to $0.05869 in the demand are, breaking the lower price range. The retest of the broken area occurred and the downward continuation pushed price to yesterday low at $0.05940 before momentum loss by the bears.

The bulls regained control of the market after the formation of the long-tailed doji and break of the 10-EMA. Confirmation of the bulls takeover was evident was market opens today with large bullish candle breaking out of the EMA crossover as RVNUSD rose to $0.06302.

The cryptocurrency is back in the range with price up at $0.06373. With increased momentum, the upper price range may be retested 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.

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