• The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
• Patience 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 formation of tweezer top at $0.06891 within the range on 20th June connotes the bears returned. Price dropped to $0.06019 as the market closes yesterday.

The bulls took control as the market opens today's’ at $0.06239. RVNUSD rose to $0.06735 in the supply area of the range before exhaustion denoted by wick in the candle.

The signal of the stochastic oscillator points down at 65% and price is below the 10-EMA. 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 bulls had a brief control of the market as the market opens today at $0.06217. The momentum was lost at $0.06727 in the supply area with wicks as an indication of exhaustion. The break of the 10-EMA signal the bears returned as price fell to $0.06451.

The resistance at the 50-EMA was broken. This confirms the bears' takeover. RVNUSD was down to $0.06351 in the demand area.

The stochastic oscillator signal points down at 43% while price is below the two EMAs. This implies downward momentum is price of the cryptocurrency 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.