• The short-term is in a bullish trend while the medium-term outlook is in a range-bound market.
• Responsible buying may be considered.

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 bears maintained a stronghold of the market within the range with a drop in price to $0.05962. The lower price range though broken twice but at each time the candle closed within the range.

Today session opened on a bearish note $0.06255 with an initial drop to $0.05981 and later to $0.05591 in the demand area but closed within the range with a long wick, an indication of exhaustion.

A double bottom formation with the low of 22nd June as the bulls stage a comeback within the range.

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: Bullish

The bulls took control of the market at after the exhaustion of the bearish momentum at $0.05675in the demand area. The bears' target at $0.06000 was easily attained as the bears pushed further down before momentum loss shortly after today’s opening session.

The resistance at $0.06300 in the supply area around the 50-EMAs was retested twice as the bulls journeys north.

With the stochastic oscillator signal pointing up at 61% and price above the 10-EMA, it suggests that a break of the resistance at the 50-EMA is imminent as the bullish momentum increased.

$0.06800 in the supply area is the bulls’ initial target in the short-term.

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