- The bears are in control of the short and medium-term outlook.
- Responsible selling recommended.
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 bears stage a return as yesterday market opened at $0.05081 in the supply area and the 4-hour candle closed a bearish spinning top. $0.04545 in the demand area was the low as the session ended on a bearish note with an inverted hammer at the 50.0 fib a trend reversal zone.
Today 4-hour candle at $0.04735 sustained the bears’ pressure with a further drop in the cryptocurrency price to $0.04504 in the demand area.
Price is below the two EMAs and within the 38.2 fib a trend continuation zone, its suggest a continuation in the downward price movement in the medium-term. Furthermore, the signal of the stochastic oscillator points down at 33% a downward momentum in price been confirmed.
$0.04200 in the demand area is on the card as the bears’ journeys down south in the medium-term.
RVN/USD Short-term Trend: Bearish
The correction to the bearish impulsive movement that from $0.04881 in the supply area during yesterday session dropped the coin to $0.04514 after today’s opening session is currently ongoing.
The coin is in a consolidation phase, this is a confirmation of bearish continuation in the short-term.
Price is below the two EMAs an indication of bears pressure with the target initially at $0.04400 after the breakdown from the lower line of the range is anticipated in the short-term.
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