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- 1 THORChain price is down 12% (approx.) on a monthly basis.
- 2 RUNE price is trading below 50- and 200-day EMAs in a downtrend.
- 3 RUNE crypto price defended the 52-week low support but lacked momentum.
THORChain price is down by 30% (approx.) from the react peak at $1.1973 and does not show any meaningful recovery despite huge positivity in a global cryptocurrency market.
RUNE price is trading below the 50- and 200-day EMAs in a downtrend and the bears seem to be dominating on the higher levels. RUNE crypto price tried to bounce back by taking support near its 52-week low, but prices seem to be lacking momentum in the supply zone.
RUNE price trading at $1.377 with an intraday decline of -0.36% and 24-hour volume to market cap ratio is $0.0789. The pair of RUNE/BTC is trading at $0.0000501 with an intraday decline of -0.40% showing the same direction in both the pairs.
In mid-January, RUNE price managed to climb above the 50-day EMA and turned the short term trend in the upward direction. Later, prices started rising upward by forming higher-high swings and breaking out of the Pre-FTX collapse level. However, the rally halted at $1.973 and the bulls failed to give follow up momentum.
Will THORChain Price See a Rebound?
THORChain price consolidated for a few weeks in the narrow range between $1.600 to $1.973; the bulls tried their best to hold the higher levels. Early March, global market sentiment was bearish and RUNE crypto price broke the lower range. It triggered negative sentiment; and RUNE price started to decline by forming lower-lows.
Moreover, RUNE price had also slipped below the 50-day EMA which invited the further sell-off and lost all its previous gains. Recently, In the mid of March, RUNE price took support at $1.200 and formed a bullish engulfing pattern which showed the signs of trend reversal. However, the probability of shrap rebound is low till prices are trading below the 200 day EMA.
RUNE Price Lacks Strength
RUNE price witnessed a massive spike in buying volume, but prices are still struggling to regain the 50-day EMA indicating weakness. The MACD generated a positive crossover, but is sloping sideways indicating that prices are likely to consolidate for some time. The RSI at 45 sloping upward denotes bulls are trying to strike the neutral territory.
Conclusion
THORChain price is down by 30% (approx.) from the recent peak and is unable to show meaningful recovery from the support. Technical analysis suggests that RUNE price is in bearish grip and the probability of a sharp rebound remains low. However, if RUNE crypto price breaks out of the 200-day EMA, then we might see a positive rebound.
Technical levels
Resistance levels : $1.700 and $1.973
Support levels : $1.200 and $1.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
