- THROChain price is trying to return back inside the consolidation phase over the daily price chart.
- RUNE crypto is trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of RUNE/BCT is at 0.0001018 BTC with an intraday drop of 1.30%.
The price of Tron is struggling to maintain its current position while displaying a significant negative momentum on the daily chart. The RUNE cryptocurrency’s price has stayed consistent between $2.20 and $3.05. Due to being caught by short sellers, the token is currently trading toward the lower range of the consolidation phase. In order to avoid dropping below the lower range of the consolidation period, RUNE coin must evade short-sellers. In order to retake the token before it crosses over the lower range, RUNE bulls must band together.
THORChain’s estimated price is $2.16 at the moment, and its market capitalization has dropped by 2.33% from the day before. However, the number of transactions climbed by 17.07% during the intraday trading session. This shows that aggressive selling by sellers is an active strategy being used to push RUNE toward the lower level. Volume to market cap ratio is 0.1272.
In order to avoid entering the consolidation phase, the price of the RUNE coin must maintain this level. The volume bars demonstrate that the RUNE coin is currently in the control of bears. Bulls must exert the most effort to effect volume and allow RUNE to continue as the volume change is still below usual.
Will RUNE Bulls Sustain at the Current Level?
To prevent a large decrease on the daily chart, the price of RUNE coin must continue to trade above the lower price range of the consolidation phase. Technical indicators point to an acceleration of the RUNE coin’s collapse.
Relative Strength Index shows RUNE’s cryptocurrency’s sideways motion. At 39, the RSI is just above the oversold level. The RUNE coin’s upward momentum is visible on the MACD. A positive crossover between the MACD and signal lines is about to occur. Investors in RUNE must watch the daily chart for any directional changes.
Conclusion
The price of Tron is struggling to maintain its current position while displaying a significant negative momentum on the daily chart. The RUNE cryptocurrency’s price has stayed consistent between $2.20 and $3.05. Due to being caught by short sellers, the token is currently trading toward the lower range of the consolidation phase. In order to avoid dropping below the lower range of the consolidation period, RUNE coin must evade short-sellers. The volume bars demonstrate that the RUNE coin is currently in the control of bears. Technical indicators point to an acceleration of the RUNE coin’s collapse. Investors in RUNE must watch the daily chart for any directional changes.
Technical Levels
Support Level: $2.00 and $1.85
Resistance Level $2.30 and $2.50
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.