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- 1 THORChain crypto price is currently trading at $6.65827458 with a rise of 2.12% in the last 24 hours and a current market cap of $2.252 Billion.
- 2 The bulls showed their dominance and continued to surge.
THORChain crypto price has been on a strong uptrend in the recent trading sessions, breaking above the key moving averages. The sellers were hesitant to challenge the rally and waited for a drop to exert their pressure. However, the buying pressure is consistent. The buyers kept building long positions and are heading for the $10 mark.
RUNE crypto was trading in a bullish zone at the time of writing with a 2.17% gain for the day, highlighting bullishness in the last trading session. The trading volume for the day was 262.823 Million. The market cap of RUNE crypto was $2.252 Billion.
On the daily chart, THORChain crypto remained on the top, near the supply zone, holding the gains firmly. Buyers have an advantage and have controlled the past few trading sessions. Moreover, the price continued to form higher highs, and sellers were caught during the rebound. Analysts have given a buy rating for the crypto, and the target price is $10.
Technical Analysis of THORChain Crypto Price in 1-D Time Frame
Currently, THORChain crypto (crypto: RUNE) is trading above the 50 and 200-day simple moving averages (SMAs), which are supporting the price momentum.
Moreover, if buying volume counts up, then the price might continue to show bullish momentum by making higher highs. Hence, the THORChain price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 63.81 points. The 14 SMA is above the median line at 64.99 points which indicates that the THORChain crypto is bullish.
The MACD line at 0.59542676 and the signal line at 0.65336494 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the RUNE crypto price.
Weekly Charts Price Analysis
The weekly chart of THORChain crypto reveals that the buyers have been dominant. The crypto has been on an uptrend, as it broke above the key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 80.67 and the MACD has formed green bars and a bullish crossover. These signals indicate that the crypto may face more upward pressure in the coming weeks.
Summary
THORChain crypto price has shown a strong bullish trend in the recent trading sessions, breaking above the key resistance levels and is aiming for the $10 mark. The technicals confirm the bullishness. However, the price may face some selling pressure near the supply zone. Investors should be cautious and watch the price action before entering or exiting the market. THORChain crypto price is expected to continue its upward journey if it can sustain the momentum and break the psychological barrier of $10.
Technical Levels
Support Levels: $5.00.
Resistance levels: $8.00.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
