• The short and medium-term outlook is in a bearish trend.
• Traders may look to sell at key areas.

RVN/USD Medium-term Trend: Bearish

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

RVNUSD is in a bearish trend in the medium-term outlook. The lower demand area of the range at $0.06000 was broken on 26th June. Price dropped initially to $0.05580 in the demand area. Increased momentum by the bears with more sellers taken position dropped the coin further down to $0.04930 as the low before the close of the day.

The bulls had a brief control as the market opened yesterday at $0.06000. Price was briefly up at $0.06395 before the fall to $0.05088 in the demand area by the bears.

The bears sustained the momentum as at today session and price down to $0.05119, it suggests a further drop is imminent as confirmed by the signal of the stochastic oscillator at 27%. $0.04890 in the demand area is up for retest in the medium-term.

RVN/USD Short-term Trend: Bearish

The rejection at the trendline returned the bears at $0.06343 during yesterday session. $0.05075 in the demand area has been the low since 26th June. The market opened below the trendline yesterday and today, an indication of bears dominance in the market.

A minor push to the upside may occur before the bounce to the downside as the momentum to the downside increased with price below the two EMAs.

$0.05000 in the demand area may be retested in the short-term.

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