- Thorchain (RUNE) is underperforming into the falling parallel channel.
- Buyers try to accumulate RUNE token close to $1.4 support level.
- The RUNE token belonging to the Bitcoin pair is higher by 4.38% at 0.00008258 satoshis.
Thorchain token (RUNE) has been observed under the bearish channel so far this week. After reversing from the resistance zone, the price action of RUNE token has been forming lower-highs and lower-lows patterns so far. Resulting in, crypto price reached close to the key hedge zone of buyers.
Buyers often get rejected near the resistance zone of $3.0 to $3.4 (red zone). Amid the bearish trend, the $1.4 level stands as the trend reversal zone, and the price is looking bullish near it. Meanwhile, RUNE token against the USDT pair is trading at $1.64 mark along with 3% intraday gain.
The ThorChain price is headed towards the resistance trendline of falling parallel channels. The support trendline stood to be a hedge zone. RUNE value is trading above the midline of the bearish pattern. Similarly, RUNE token belonging to the Bitcoin pair is higher by 4.38% at 0.00008258 satoshis.
During the higher-lows trend, the weekly candle is higher by 10% this week. But still Buyers need to breach this bearish price pattern as soon as possible. However, trading volume is increasing and last night it spiked by 100% at $47.16 Million.
Buyers Need to Break This Bullish Hurdle Soon.
Thorchain token is moving above the mid-band of bollinger band indicator over the daily price chart. After a long hustle, bulls finally aim to close the daily price above this resistance level. Similarly, the RSI indicator is approaching the semi-line (50 mark) as a bullish hurdle. Buyers may aggressively accumulate altcoin if RSI sustains above 50 levels.
Conclusion
Thorchain token (RUNE) is looking bullish as daily price candles sustain above the mid-band of bollinger band indicator. RSI indicator is showing positive indication for assets. Still price is fluctuating under falling parallel channels and bulls need to break this pattern soon.
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.