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RUNE Price Faced a Rejection; Is It a Short-Term Correction?

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RUNE Price Faced a Rejection; Is It a Short-Term Correction?
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RUNE price faced rejection from the $7.00 resistance and fell 16.65% in the last week. It is forming a bearish pattern and showing initial signs of a short-term correction. The sellers look more active as compared to the buyers. So, the price might decline more in the coming week. 

THORChain price is trading above the 50-day EMA, showcasing that the trend is still in the upward direction. If the price continues to decline, then the 50-day EMA is likely to act as immediate support for bulls. 

The chart pattern shows that the RUNE crypto price corrected approximately 25% from the last swing high. So, the price may consolidate for some time near $5.00 before deciding the next direction. 

On the lower side, $4.856 to $3.924 is the demand zone. If the price enters into the demand zone, buyers might come forward to give a bounce. The price action tells us that RUNE is bearish in the short run and correction in it might continue. 

Currently, THORChain price is trading at $5.436 with an intraday decline of -1.13%. In the last 24 hours, the volume to market cap stands at 8.84%.

How Much RUNE Price Can Fall?

RUNE Price Faced a Rejection; Is It a Short-Term Correction?
Source: RUNE/USDT daily chart by Tradingview

RUNE price is on the sellers’ radar and declining by forming lower low candles. The short-term bounce is getting sold off showing the strength of the bears. 

In the coming sessions, if the price slips below the 50-day EMA, more downside will open. Meanwhile, prices of crypto leaders BTC and ETH have also witnessed minor correction, which negatively impacted the price of RUNE and other altcoins. 

The analysis suggests that the RUNE coin price might fall 10% to 20% more from current levels before showing a bounce.

THORChain Price is Turning Bearish on a Daily Chart

THORChain price is turning bearish on a daily and a weekly time frame. It lost the bullish momentum and showed initial signs of a bearish trend reversal. 

The MACD displayed a negative crossover and the histogram formed a declining red bar. It indicates that bears are dominating and pulling the price downward. The supertrend says if the price slips below $5.353, the short term trend will turn bearish. 

Conclusion

RUNE price is in a short-term correction phase and sellers are strengthening their grip. The analysis suggests THORChain price is turning bearish in the short run so 10% to 20% more decline is possible. 

Technical levels
  • Resistance levels: $7.294 and $8.000
  • Support levels: $4.856 and $3.924
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.

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