- 1 THORChain crypto is under selling pressure and is heading toward the demand zone.
- 2 Sellers have gained momentum and looked aggressive in the previous months.
THORChain price has been unable to surpass the key resistance level and is trapped below it. Currently, THORChain crypto needs more buyers to support a bullish movement toward recovery.
However, the trading volume is low, which indicates a lack of enthusiasm and momentum. At the same time, THORChain cryptos have fallen below the 20 and 50-Day daily moving averages, which are bearish signals.
THORChain price gained 1.67% last week; it dropped by 3.69% in the month. Moreover, RUNE cryptos saw a gain of about 312.86% in the past six months and a gain of 141.71% over the past year.
Technical indicators suggest the downside trend of THORChain price. Relative strength index and moving average convergence divergence both indicate the slippage of THORChain price.
Also, the RUNE crypto price has fallen by around 8.57% year to date. These trends collectively show the challenges faced by THORChain cryptos in their recovery efforts throughout the year.
The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to overcome multiple resistance levels in order to reach the target. Buyers are currently making continuous efforts to regain charge of the trend.
The price at present requires significant support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are taking control of the price action, according to the candlestick patterns.
On the daily time frame, THORChain crypto shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the chart. Overall, the technical indicators and price action suggest that THORChain crypto is bearish and that the downtrend may continue.
Technical Analysis of THORChain Crypto Price
At the time of publishing, THORChain crypto (USD: RUNE) is trading below the 50 and 200-Day SMAs (Simple moving averages), which are supporting the price trend.
The current value of RSI is 56.42 points. The 14 SMA is above the median line at 48.58 points which indicates that the THORChain crypto is bearish.
The MACD line at -0.03401083 and the signal line at -0.10305800 are below the zero line. A bullish crossover is observed in the MACD indicator which signals more bearishness for the RUNE crypto price.
THORChain (USD: RUNE) technical oscillators and indicators support the bearish trend. The MACD, RSI, and EMAs are giving negative signals, implying that the downtrend may continue in the RUNE crypto price. THORChain price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Support Levels: $3.78339 and $3.000
Resistance Levels: $6.4606 and $7.2935
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.