- The short term is in a bullish trend while the medium-term outlook is in a range-bound market.
- Patience should be exercised trading the consolidation.
RVN/USD Medium-term Trend: Ranging
Supply zone: $0.09000, $0.11000, $0.12000
Demand zone: $0.05000, $0.04000, $0.030000
RVNUSD is in a range-bound market in the medium-term outlook. The cryptocurrency enters into consolidation from 4th June. The bulls retained the control of the market from 6th June after the bullish marubuzo candle formation breaking the resistance at the 10-EMA. Exhaustion was noticed at $0.07127 in the supply area as the bears stage a return within the range during yesterday session.
$0.06065 in the demand area was the low the bears’ pressure on price could go as the bulls gather for another journey to the upper supply area during today’s session. This was further justified by the signal of the stochastic oscillator pointing up at 60%.
RVNUSD is in consolidation and trading between $0.07200 in the upper supply area and at $0.05800 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 sign of the dominance of the market occurred as today’s market opens with a bullish candle at $0.06209. The break out the key resistance at 10 and 50-EMAs confirmed the bulls takeover. RVNUSD rose to $0.06821 in the supply area.
The formation of the bullish flash was to serve as a correction in the market and also to confirm the bullish continuation.
$0.07100 in the supply area is the bulls initial target in the short-term.
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