- The short and medium-term outlook is in a range-bound market.
- Patience is required at this period of consolidation.
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. Yesterday market was a mixed reaction as the cryptocurrency rose to a high of $0.06777 in the supply area. $0.063023 in the demand area was the low of the day with bears having an edge in the market.
The bears continued the dominance as the market opens today with a further drop in price to $0.06242 before exhaustion sets in. The bulls presence was confirmed by the tweezer bottom at the demand area and the signal of the stochastic oscillator pointing up at 34% an indication of upward momentum 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: Ranging
Price broke out of $0.06700 at the upper price range due to the bullish momentum but lacked pressure to push further high during yesterday session. Wicks were formed around the upper supply area which implies exhaustion and bears gradual returned.
The lower price range at $0.06300 was tested shortly after today’s opening session with a drop to $0.06242 before the bulls stage a comeback that pushed price back up to the $0.06572 within the range as the consolidation lingers.
$0.06700 is the upper supply area while $0.06300 is the lower demand area of the range. Patience should be exercised for a breakout at the upper area or a break down at the lower area with a retest before a position is taken.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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