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- 1 THORChain crypto price is currently trading at $4.46509665 with a drop of 3.82% in the last 24 hours and a current market cap of $1.51 Billion.
- 2 The RUNE crypto price decreased by 16.87% over the past seven days.
THORChain (RUNE) failed to sustain the high of $7 and reversed its direction, starting the correction that indicates further weakness in the market. The price is trading below the dynamic support trendline, which could lead to more bearishness. The price is also in a downtrend on a greater timeframe, as it is creating lower lows.
THORChain has been falling from its upper levels and creating lower-low structures. It is in a bearish trend after breaking below the 20-day and 50-day exponential moving average. The bearish pressure could push RUNE to form a new lower low soon and increase the downtrend.
The current situation requires traders and investors to wait for a proper signal of a break above or below the EMAs before making any moves. Investors should also avoid the FOMO to minimize losses.
If buyers want to make a comeback, they will have to advance and maintain the price above the 20 and 50-day EMA. However, the sellers seem to be more aggressive as compared to buyers.
THORChain crypto price gained 9.16% last week. It declined by 16.87% through the month. Moreover, the RUNE crypto experienced a gain of roughly 378.58% within the past six months and an increase of 151.37% over the past year. Additionally, the RUNE crypto price has slipped by approximately 13.78% year to date. These trends collectively indicate the recent weakness in crypto.
Technical Analysis of the THORChain Crypto Price in 1-D Timeframe
At the current moment, THORChain crypto (USD: RUNE) is trading below the 50 and 20-day EMAs (exponential moving averages), which are not supporting the price trend.
The current value of RSI is 47.96 points. The 14 SMA is above the median line at 42.84 points, which indicates that the THORChain crypto is bearish.
The MACD line at -0.12152413 and the signal line at -0.21321766 are below the zero line. A bullish crossover is observed in the MACD indicator, which indicates more strength for the RUNE crypto price.
Summary
THORChain crypto price prediction suggests a mild bearish in the chart. The sellers are dominating on the higher levels. THORChain technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the RUNE crypto price.
The THORChain Price action suggests that the investors and traders are bearish on the 1-D time frame. The technical analysis suggests that this crypto’s price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
Support Levels: $3.78 and $4.00.
Resistance Levels: $7.29 and $6.46.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
