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- Thorchain Token (RUNE) appears to be range bound for the last four trading sessions.
- The bears barely manage to keep RUNE price below the $2.0-resistance.
- Trading volume was recorded at 74.3 million, up 17.5% in the last 24 hours.
Thorchain Token (RUNE) has already started selling higher where buyers have started booking profit after seeing signs of negative price action. Meanwhile, RUNE witnessed a sharp selloff as the bulls failed to keep the price above the ascending trend line. Buyers have lost around 37% from their 15-day high.
After two weeks of sustained selling, the bulls managed to keep the price in the green on the weekly time frame, which is up 6.3% this week. As of press time, the Thorchain token is trading at the $1.96 mark with a slight upward move in the intraday trading session.
In the 4-hour price scale, the RUNE token seems to be range-bound below the key resistance level of $2.0. Bears barely manage to keep down RUNE price below $2.0-resistance. Meanwhile, daily price candles continue from inside the previous daily candles. Above immediate resistance, $2.2 will be the next sell-off area.
Due to the range-bound phase, the Market cap of RUNE tokens is down at $646 Million in the last 24-hours. Nevertheless, the trading volume was recorded at 74.3 Million in the last 24-hours with a gain of 17.5%. At times, RUNE is observing below 50-DMA and above 20-DMA over the 4-hours chart.
RSI Has Recovered From Oversold Zone
In the context of the daily price chart, the RSI has rebounded from its 30-zone, which indicates a bullish trend for RUNE. Besides, the MACD is trending lower from the neutral zone.
Conclusion
Thorchain token (RUNE) is showing signs of slight correction in lower time frames such as the 4-hours as it stays above the 20-DMA. The daily RSI moves higher after dipping into the oversold zone. The bulls need to push the RUNE price above the $2.0 mark to make up for the losses.
Support level – $1.8 and $1.4
Resistance level – $2.0 and $3.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
