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RUNE Price Analysis: Technical indicators maintain a bearish consensus for THORChain

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RUNE Technical Analysis
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•RUNE/USD is currently priced at $3.62 and has increased by 4.11% over the past day

•The trading volumes have decreased by 41.10% over the past day

•The technical indicators suggest a bearish outlook for the short term

Short Term View: THORChain left in a bind as bears take over

The THORChain price today is $3.62 USD with a 24-hour trading volume of $33,061,601 USD. THORChain is up 4.11% in the last 24 hours. Currently, the asset is trying to halt the bearish trend as some may have jumped in to buy at the dip, yet the selling pressure does not seem to have eased. The trading volumes have decreased manifolds over the past day, suggesting a lack of bearish commitment. The Volume to Market Cap Ratio stands at 0.02764 and a bullish trend reversal looks a long way off.

The golden run May 2021 saw Rune climb to it’s all time high of $21.26, a price level which it has been trying to reclaim ever since, but to no avail. The coin is currently stuck in a rut as it trades below the 20 and 50 SMA on the daily chart. If Rune continues on its current trajectory, it would likely find support at $3.40 while the resistance lies at $3.9 on the other end of the spectrum. 

Long term View 

The technical indicators for Rune suggest a bearish outlook for the near term in spite of the bulls’ efforts to push the prices up. A bearish crossover has been seen in the daily chart for THORChain which strengthens the bear hands.Keeping in mind the recent rejection of higher prices and the widening gap between the MACD and signal line, the bears have gained an edge. The RSI on the other hand, stands at 37.81 in the neutral zone. If the bulls are able to intensify their efforts, we can expect Rune to retest the resistance in the next 24 hours.

ALSO READ: THORChain (RUNE) coin values continue in the bearish zone?

Conclusion

THORChain had been on a good run over the past month but the recent correction has squeezed out the bullish momentum. It is currently in the midst of a downtrend as is validated by the technical indicators. If Rune continues with the downtrend,it may hit the support levels in the short term, and here’s when one can expect a rebound and a buying opportunity to arise. Moreover, if ATOM price intends to trend within an uptrend, then the daily close needs to be above 50 SMA. Keeping in mind the price movement of the coin for the past few days, one can expect a slow recovery or consolidation for the next couple of days.

Support: $3.40

Resistance: $3.9

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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