• The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
• Traders should wait for price breakout or breakdown trading the consolidation.

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. The market is still without a clear direction as price fluctuates within the range. $0.06498 was the high and $0.06085 was the low during yesterday session.

Todays’ 4-hour session had a brief the bulls pushed price up to $0.06368 before the bears dropped the coin at $0.06050 within the range.

The signal of the stochastic oscillator points down at 22% and price is below the two EMAs. These suggest a 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 bears retained control of the market at $0.06305 around the trendline during yesterday session. Price is kept below the two EMA as it drops to $0.06182 before the market close.

The bearish momentum was sustained as the market opens today at $0.06236 and already down to $0.06057 in the demand area.

The stochastic oscillator signal points down at 30% while price is below the two EMAs. The implication of downward momentum is price in the short-term.

$0.06000 is the bears' initial target as the journey down south continues with more candles open and closed below the two EMAs.

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