- Thorchain price has gained around 37% of its value in yesterday’s trading session after breaching the falling trendline.
- The super trend indicator generated a bullish indication yesterday in the context of the daily price chart.
- The RUNE/BTC pair price is bullish by 4.5% at 0.0001298 satoshis.
The Thorchain token price has been continuing the downward momentum since the all-time high mark and had lost around 85% of its value then to till recent lower level of $3.015. However, near $4.0, RUNE investors saw a consolidating phase (green box), which was the perfect example of a demand zone. For the current week, bulls seem to be aggressive for cryptocurrency.
The Thorchain investors successfully breached the declining trendline (white) in late Feb with decent volume. Since early 2022, the RUNE token price has been noticing the double bottom formation over the daily price chart, and in yesterday’s trading session, crypto price has broken the neckline ($5.0-level). At the time of writing, the Thorchain token price is trading at $5.68, which is bullish by 3.03%.
The RUNE token saw a fantastic month, beginning with an increase of 37.9% of its value. However, the token has gained around 576% trading volume over the past 24-hours. On 1st March, the RUNE token had the highest trading volume in 2022. Meanwhile, the volume to market capitalization ratio is 0.2372, and the market cap to total value locked ratio is 10.26. Furthermore, the thorchain token price with the bitcoin pair is trading at 0.0001298 satoshis, which is bullish by 4.5%.
The neckline of double bottom formation ($5.0-mark) was acting as a resistance level, but it turned into the critical resistance after the breakout, and crypto has immediate resistance at $8.0. Nevertheless, the Thorchain token price is trading above the 20, and 50-day moving averages, and bulls are moving towards the 100 MA line. Moreover, the 200-MA is far above the current price in terms of the daily price chart.
The Technical Indicators Indicate a Bullish Trend for Thorchain Price
Finally, the RSI has breached the semi-line (50-point) and is holding it above in the case of the daily price chart. After a sharp rise, the RSI is at 66-point which is likely to move into the overbought territory by the end of this week.
The Moving average convergence Divergence is gradually moving towards the neutral level (0-mark), and the histogram is making higher-highs with a solid bullish indication over the daily price chart.
Also read: Thorchain Price Analysis: RUNE investors are accumulating the price for short-covering
Conclusion
The bulls need to keep Thorchen price above the crucial $5.0 level for a sharp recovery. If the bulls hold the cryptocurrency price above the support for the week, the bears may ignore the selloff for the time being.
Support level – $5.0 and $3.0
Resistance level – $8.0 and $10
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.