- 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.
Live Ravencoin (RVN) Price:
1 RVN/USD =$0.0155 change ~ 0.91%
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.