RVNUSD Long-term Trend: Bullish
• Supply zones: $0.08, $0.085, $0.09
• Demand zones:$0.055, $0.05, $0.045
Ravencoin is in an uptrend in its long-term outlook. The impulsive move by the bears at the demand $0.05 on the June 6 was corrected yesterday, by the bulls, with the formation of a bullish candle at the supply level $0.08 and $0.085 as the high and close of the day respectively. This indicates the gradual returns by the bulls into the crypto market.
The momentum in price continues in an uptrend as the cryptocurrency journeys up north around $0.08 in the supply area.
Now, price of $0.07 at 38.2 fib area, which is a trend continuation area suggests the momentum in the price of the cryptocurrency might continue in an uptrend. An indication that buyers are gradually returning to the market.
Price is above the exponential moving average 4 in the upper supply area. This is an indication of an increase in the price of the market and the bulls are in the dominance of RVN.
The stochastic oscillator is pointing upwards at above the level 50% – which suggests the momentum in price is in an uptrend.
The supply level of $0.08 may be retested by the bulls in the future.
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