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- Thorchain (RUNE) price broke a downsloping trendline.
- Buyers successfully manage RUNE crypto above 1.0 support level while high-low formation.
- The trading volume has decreased by 16% in the last 24 hours, registering $10.53 million.
Thorchain (RUNE) price seems to be bullish in the lower time frame. Market leader bitcoin is getting ready for a normal performance after an unexpected drop. So the positivity is spreading everywhere till now. The coming week may bring a slight buying scenario in the cryptocurrency market, so buyers can stand for a short-term bullish outlook ahead.
As of press time, Thorchain (RUNE) is trading at the $1.19 mark against the USDT pair. The market capitalization decreased by 0.8% to $396.2 million in the last 24 hours. Despite the positivity in the market, the price trends are seen to be sideways. Furthermore, the BTC pair with the RUNE token is up 0.42% at 0.00007253 satoshis.
Thorchain price is performing in ascending pattern after completing a continuous downtrend. Amid this bullish territory RUNE price has breached the downsloping trendline, while buyers maintain above the support trendline. Meanwhile, the Buyers successfully manage crypto above 1.0 support level while higher-lows formation.
Trading volume is decreasing day by day amid a slight recovery. Resulting in, Trading volume decreased 16% in the last 24 hours, reported at $10.53 Million. Notably, buyers are seeing the double bottom formation on daily price scale.
On the daily time frame, Thorchain (RUNE) price seems to be trading higher above the 20-day EMA. Now the 50 DMA looks like the next resistance level. Thus, the RSI indicator is moving towards the half-line, above this level the bulls can buy aggressively. Besides, the MACD is expanding higher in the negative zone.
Conclusion
Thorchain (RUNE) price is trading above 20 DMA. The bulls need to hold this support level to keep themselves away from another sharp decline. Meanwhile, the technical indicators are in favor of the bulls.
Support level – $1.10 and $1.0
Resistance level – $1.70 and $2.0
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.
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.
