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- Thorchain is looking to cross its consolidated barrier and can soon see a new high. The asset has seen a jump of more than 10% in the past 24 hours.
- RUNE volume on the exchanges has seen a jump of 90% in the past 24 hours. RUNE/BTC pair has seen an upside of more than 7% in the intraday session.
Thorchain is a decentralized liquidity protocol which allows users to exchange crypto assets across various networks without losing your custody of the assets.With the help of THORChain, users can simply swap one asset for another in a permissionless setting. They do not need to rely on order books to source liquidity. Instead, market prices are maintained through the ratio of assets in a pool.
RUNE price is currently trading near the value of $2.948 and has seen a pump of more than 10%. The volume of the asset has also observed a pump of more than 90% in the past 24 hours. The market cap of the Thor chain has seen an upside of more than 10% in the past 24 hours.
Technical Analysis Of RUNE Price
The weekly chart of Thorchain suggests a strong consolidated trend for the future. On, the daily chart the asset price is trading below the 100 Daily Moving Average and above 50 DMA.The asset price is currently trading in between a consolidated range and can soon see a strong move in the future. If the asset price move above its resistance of $4, then a strong upside momentum can be observed. The correlation coefficient of the RUNE and Bitcoin is 0.74 which suggests a strong upside momentum.
RSI : RSI of the asset is currently near 60 which suggests its presence in the oversold zone. There is a positive slope formation which suggests a strong momentum for the future. The overall sentiment of the RSI is bullish.
Conclusion
Thorchain has seen a high of $16 in the past and can soon rally beyond it. It is currently in a consolidation zone but can soon observe a breakout in the future.
Technical Levels
Major Resistance: $2 to $2.133
Major Support: $3.5 to $4
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
