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- THORChain price is trying to sustain at the lower trendline of the consolidation phase over the daily chart.
- RUNE crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of RUNE/BTC is at 0.00009396 BTC with an intraday drop of 4.62%.
On the daily chart, the price of THORChain is showing a large negative momentum and is having difficulty holding its present position. The cost of the RUNE cryptocurrency has remained constant at $1.70 – $3.00. The token is currently trading toward the lower range of the consolidation phase due to being caught by short sellers. RUNE currency must avoid short-sellers in order to prevent falling below the lower range of the consolidation period. RUNE bulls must unite in order to recapture the token before it crosses over the lower range. Bulls appear to be pushing the token toward the higher price range, however during the intraday trading session, the accumulation rate needs to be raised.
The estimated price of THORChain is currently $1.76, and its market capitalization has decreased by 10.18% from the previous day. However, during the intraday trading session, there was a 41.70% increase in the volume of transactions. This demonstrates that bulls are attempting to break the momentum of the token’s downward trend over the daily chart. Volume to market cap ratio is 0.1284.
The price of the RUNE coin must remain at this level to prevent leaving the consolidation period. The volume bars show that bears are now in charge of the RUNE coin. Since the volume change is still below average, bulls must put in the maximum effort to affect volume and for RUNE to continue.
What do Technical Indicators suggest about RUNE?
The price of the RUNE coin must stay above the lower price range of the consolidation phase in order to avert a significant decline on the daily chart. The RUNE coin’s collapse may be accelerating, according to technical signs.
The downwards movement of the RUNE coin is shown on the RSI. The RSI is barely above oversold territory at 32. The MACD shows the sideways momentum of the RUNE coin. The MACD and signal lines are about to positively crossover. RUNE investors need to keep an eye on the daily chart for any changes in trend.
Conclusion
On the daily chart, the price of THORChain is showing a large negative momentum and is having difficulty holding its present position. The cost of the RUNE cryptocurrency has remained constant at $1.70 – $3.00. The token is currently trading toward the lower range of the consolidation phase due to being caught by short sellers. RUNE currency must avoid short-sellers in order to prevent falling below the lower range of the consolidation period. RUNE bulls must unite in order to recapture the token before it crosses over the lower range. Since the volume change is still below average, bulls must put in the maximum effort to affect volume and for RUNE to continue. The RUNE coin’s collapse may be accelerating, according to technical signs. The MACD and signal lines are about to positively crossover. RUNE investors need to keep an eye on the daily chart for any changes in trend.
Technical Levels
Support Level: $1.70 and $1.50
Resistance Level $2.00 and $2.50
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
