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- 1 THORchain price trades at $1.032 while witnessing a loss of -2.37% during the intraday trading session.
- 2 Rune price crossed the 20-day EMA positively.
- 3 One-week return of Thorchain is 4.37% while the year-to-date return is -17.54%.
Rune price has been in bearish trend after it faced resistance from the $1.70 level and broke the major support level of $1.21. After the break, the price entered into a consolidation zone ranging between $1.07 and $1.20.
During the start of June, the crypto market took a major hit as the Securities and Exchange Commission (SEC) took legal action against the major crypto exchanges which caused a decline in the value of many cryptocurrencies.
On June 10, Rune price broke the support level of $1.07 and formed support at $0.79. Recently, the cryptocurrency’s price started to gain bullish momentum and started to rise toward $1. The move was halted at $1.01 and the price retraced slightly to form support at the $0.95 level. It again gained bullish momentum and shattered the resistance of $1.01.
Currently, the price is facing resistance from $1.10. The previous candle closed as a strong bearish candle and the current candle has broken the low of the previous candle. The price is currently headed toward the resistance turned support level of $1.01.
If bears can push the price below $1, there is a possibility that the price might head toward the support level of $0.95. A break of $0.95 would push the price further below toward $0.79, causing an overall loss of roughly 21.52% from the $1.01 support level. On the other hand, if the price can break the resistance level of $1.10, the next target for the price is $1.21, which would cause an increase of approximately 9.99%.
Will Rune Price Stay Above $1?
Rune price rose above the 20 and 50-day EMA but the current candle has crossed the 50-day EMA negatively, indicating rising bearish pressure over the price. Chaikin money flow score is 0.17, suggesting that there is strength in the market.
The relative strength index (RSI) has started to dip and currently trades at 54.04, indicating that the price is in neutral territory, facing equal pressure from bulls and bears. The cryptocurrency’s price touched the upper band of bollinger and received slight resistance and is currently headed toward the 20-day SMA of bollinger.
The long/short ratio is 0.97 with 49.42% longs and 50.58% shorts, suggesting that there is a slightly higher influence of bears in the market in the last 24 hours.
Conclusion
The market structure and price action of THORchain has turned bearish after the price faced resistance from the $1.10 level. Bitcoin has slipped below $31000 which has also induced bearish momentum in the prices of altcoins. The technical parameters suggest that there is a possibility of pullback in the price before it rises further.
Technical levels
Major support: $0.95 and $0.79
Major resistance: $1.10 and $1.21
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
