- The short-term is the uptrend while the medium-term outlook is in a downtrend.
- Overall sell may be considered at exhaustion areas.
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 downtrend in the medium-term outlook. The coin had dropped consistently after the breakdown and retest at the lower demand area at $0.04800 on 10th July. $0.04038 was the initial low of the coin but increased bearish momentum plunges the coin to $0.03864 before the end of yesterday session.
Today’s opening session had the bears in control until $0.03746 in the demand area before its lost momentum due to the formation of a bullish spinning top that signal the bulls’ takeover.
The bulls may push price up to $0.04464 in the supply area, which is the 50.0 fibs which is a trend reversal zone. This is confirmed by the signal of the stochastic oscillator pointing up at 16% in the oversold region before exhaustion sets in and the bears returned for downward continuation in price in the medium-term.
A break at the previous low of $0.03746 may occur as subsequently to $0.03600 in the demand areas the bears’ target.
RVN/USD Short-term Trend: Bullish
After dropping the cryptocurrency at $0.03768 in the demand area shortly after today’s opening price at $0.04022, the bears lost momentum. With the bullish doji, the bulls gradually returned. Increased momentum leading to the break at the 10-EMA confirmed the bulls takeover as price shot up to $0.04157.
The resistance at the 50-EMA was tested with the coin up at $0.04328. This may be broken as the pressure mounted by the bulls becomes stronger in the short-term with more candles opened and closed above the two EMAs.
Price is between the two EMAs and the stochastic oscillator signal points up at 79%, suggesting an upward momentum in price with the target at $0.04600 in the supply area.
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