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THORChain Price Analysis: RUNE Struggles Inside the Consolidation Phase at 2021 Lows, What’s Next?

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  • THROChain price is trading with downtrend momentum inside the consolidation phase at 2021 lows over the daily price chart. 
  • RUNE crypto is trading at 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.
  • The pair of RUNE/BTC is at 0.0001154 BTC with an intraday drop of 2.44%.

The THORChain price is attempting to hold at its present level while trading on the daily chart with significant decline momentum. The RUNE cryptocurrency has been holding steady between $2.20 and $3.05. As a result of getting caught in the grasp of short sellers, the token is currently trading toward the lower range of the consolidation phase. To avoid slipping below the lower range of the consolidation phase, RUNE crypto must escape the grasp of short-sellers. To reclaim the token before it crosses across the lower range, RUNE bulls must gather themselves.

THORChain’s current estimated price is $2.65, and its market capitalization dropped by 4.37% the day before. The trade volume fell by 28.68% during the intraday trading session. This implies that sellers are engaged and aggressively trying to push RUNE toward the lower level. Volume to market cap ratio is 0.1449.

For the RUNE coin price to remain above the consolidation phase, it must maintain its present level. The volume bars indicate that the RUNE coin is now being controlled by bears. Bulls must use maximum effort to influence volume and allow RUNE to continue as the volume change is still below average. Meanwhile, RUNE crypto is trading at 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.

What do Technical Indicators suggest about RUNE? 

To prevent a severe decline on the daily chart, the price of RUNE coin must remain above the lower price range of the consolidation phase. Technical indicators point to the momentum of the fall for the RUNE coin. 

Relative Strength Index showcases the downtrend momentum of RUNE crypto. RSI is at 52 and is about to cross neutrality downwards to march towards the oversold territory. MACD exhibits the downtrend momentum of RUNE coin. The MACD line is below the signal line after a negative crossover. RUNE investors must wait for any directional change over the daily chart.

Conclusion

The THROChain price is attempting to hold at its present level while trading on the daily chart with significant decline momentum. The RUNE cryptocurrency has been holding steady between $2.20 and $3.05. As a result of getting caught in the grasp of short sellers, the token is currently trading toward the lower range of the consolidation phase. Bulls must use maximum effort to influence volume and allow RUNE to continue as the volume change is still below average. Technical indicators point to the momentum of the fall for the RUNE coin.  The MACD line is below the signal line after a negative crossover. RUNE investors must wait for any directional change over the daily chart.

Technical Levels

Support Level: $2.55 and $2.20

Resistance Level $2.90 and $3.00

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.    

Nancy J. Allen

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