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- THORChain price struggles to get support at the lower level over the daily price chart.
- RUNE crypto has slipped below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of RUNE/BTC is at 0.00006897 BTC with an intraday gain of 3.95%.
The price of THORChain is showing a strong negative trend on the daily chart and is struggling to maintain its current position. The price range of the RUNE cryptocurrency has stayed between $1 and $1.70. Due to getting caught by short sellers, the token is currently trading toward the lower range of the consolidation phase. Avoiding short sellers will help RUNE currency stay above the consolidation period’s lower range. To retake the token before it crosses over the lower range, RUNE bulls must band together. The token appears to be moving toward a higher price range under the influence of bulls, but during the intraday trading session, the accumulation rate needs to be increased.
THORChain’s market capitalization has grown by 1.81% over the last day, and the estimated price is currently $1.13. However, the amount of transactions increased by 18.69% during the intraday trading session. This shows that bulls are trying to stop the downward trend of the token over the daily chart.
To prevent exiting the consolidation phase, the price of the RUNE coin must stay at this level. Bears are currently in control of the RUNE coin, as indicated by the volume bars. Bulls must do their greatest effort in order to influence volume and maintain RUNE because the volume change is still below average.
What do Technical Indicators suggest about RUNE?
To prevent a large decrease on the daily chart, the price of the RUNE coin needs to remain above the lower price range of the consolidation phase. Technical indicators indicate that the fall of the RUNE coin may be accelerating.
The RSI displays the RUNE coin’s upward movement. At 36, the RSI is just barely out of oversold territory. The MACD displays the RUNE coin’s sideways momentum. After a negative crossover, the MACD line is lower than the signal line. Investors in RUNE must monitor the daily chart for any shifts in trend.
Conclusion
The price of THORChain is showing a strong negative trend on the daily chart and is struggling to maintain its current position. The price range of the RUNE cryptocurrency has stayed between $1 and $1.70. Due to getting caught by short sellers, the token is currently trading toward the lower range of the consolidation phase. Avoiding short sellers will help RUNE currency stay above the consolidation period’s lower range. Bulls must do their greatest effort in order to influence volume and maintain RUNE because the volume change is still below average. After a negative crossover, the MACD line is lower than the signal line. Investors in RUNE must monitor the daily chart for any shifts in trend.
Technical Levels
Support Level: $1.00 and $0.80
Resistance Level $1.50 and $1.70
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
