• The long-term outlook is in a bearish trend
• The bears remain in control of the market.
Distribution zone: $0.070, $0.075, $0.080
Accumulation zone: $0.050, $0.045, $0.040
RVNUSD Long-term Trend: Bearish
RAVENCOIN is in a bearish trend in its long-term outlook. The bulls increased momentum pushed price up to $0.065 in the distribution area, as the market opens yesterday. The price at $0.059 was the close of the day. The momentum was lost as exhaustion sets in with the formation of the bearish candle at $0.062 as the opening price today.
The coin dropped to $0.058 in the accumulation area with the pressure from the bears. This has changed the momentum of the price.
RVN dropped further to $0.058 in the accumulation area. Price is below the exponential moving average-4 and its wick touching the exponential moving average-50. This indicates that the bears are moving into the market in a grand style.
The stochastic oscillator signal is pointing downwards at around level 20% suggests that the momentum in price is in a downward trend.
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