- The THORChain token was currently at $1.64 with an increase of 0.60% during the intraday trading session.
- The 24-hour low of RUNE was $1.63 and the 24-hour high of RUNE was $1.69.
- The current THORChain token price is between 100, and 200-Day EMA.
The pair of RUNE/BTC was trading at 0.00006987 BTC with a rise of 1.92% over the intraday trading session. THORChain price analysis suggests that bearish trend. Since the start of 2022, the token has been rising but after making its new 52-week March 2022 sellers entered the market pushing the token downwards below its secondary resistance.
Buyers tried to maintain the token near the secondary resistance but sellers dominated the market and pushed the token below its primary support. And near the end of the year, sellers forced the token to make its new 52-week low and kept the token near its secondary support. After the start of 2023, the token started rising, breaking its primary support of $1.650. But soon after the breakout, the token began consolidating between its primary support and resistance.
This indicates that both the buyers and sellers are in a stalemate in the market which also shows that no one has the upper hand in the market. If sellers took over the market they may push back the token near its secondary resistance which can put the token in critical condition. If buyers want to prevent this from happening then bulls have to come to the rescue of the token.
The volume of the coin has increased by 42.33% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of RUNE, which represents strength in the current bullish phase.
The technical analysis of THORChain
RSI is increasing in the oversold zone and is showing signs of a positive crossover which indicates that the buyers are coming in the majority and pushing RUNE upwards. This suggests the weakness of the current bearish trend. The current value of RSI is 46.23 which is below the average RSI value of 47.78
The MACD and the signal line are stranded near the 0 value over the daily chart which does not provide any evidence to support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
THORChain price analysis suggests that it is currently in a bearish trend. 2022 was not a good year for the token because after making its 52-week high in March 2022 sellers took over the token and pushed the token near its 52-week low near the end of the year. From the start of 2023, the token again started rising but after breaking its primary support the token began consolidating. RSI is increasing which suggests a weakness in the current bearish trend and MACD is stranded near zero, as per the technical indicators. Traders should wait for any significant move in the market.
Technical Levels-
Resistance level- $2.045 and $3.058
Support level- $1.650 and $1.081
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.