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Pudgy Penguins
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Derive
- 1 THORChain Price fell 21% in the previous week and hit a multi-year low
- 2 RUNE Price is in downtrend and continues to trade below 200 and 50 day EMA.
- 3 The RUNE crypto price formed a bearish pattern and dropped below $1.00 support.
THORChain Price fell 21% on the previous week and drops below the crucial support of $1.00. RUNE Price hit a multi-year low and formed a highly bearish pattern. The $1.00 breakdown is mainly due to the sell off in all over the crypto market.
From the past few weeks, THORChain Price is continuously falling by forming lower low swings. The recent downfall shows that some genuine investors had exited from higher levels.
RUNE Price faced sharp rejection from the 200 day EMA and also dropped below 50 day EMA shows downtrend. However, the distance between the market price and both the EMAs are wide. So, it might get narrowed down if a short term pull back arrived.
THORChain crypto price performed well in the beginning of 2023 and created a hope for the $2.00 breakout. The rally halted near $1.979 and buyers failed to give the follow up momentum.
From the beginning of February the correction in RUNE crypto started and the downfall is still continuing. THORChain Price is trading at $0.890 with an intraday decline of -2.94%. The 24 hour volume to market cap ratio is 0.0339.
Is THORChain Price attractive for long term investment
THORChain Price showed a decent recovery in the month of march and buyers tried to reverse the trend. Well, In this attempt prices faced a hurdle at $1.700 and again reverted in a downward direction.
RUNE Price has eroded the complete gains generated in the year 2023 which disappointed the long term investors. Till RUNE Price is trading below $1.225 it is expected to trade with a bearish bias.
Any pull back rally toward $1.225 will face difficulty to hold the higher levels. However, if the buyers succeed to break the hurdle then we might see bullish trend reversal.
The technical analysis suggests THORChain price looks attractive at lower levels but seems risky to invest until it regains $1.225 level.
RUNE Price forming bearish patterns
RUNE Price fell for 8 straight weeks and formed bearish patterns on multiple time frames.
The buyers seem to be losing confidence and hesitating to create long positions at lower levels. It shows that sellers are dominating and it will be difficult to reverse the trend.
The MACD curve slopes down and negatively intersects with the moving average. It shows that bearish momentum might continue for some more time. Whereas the RSI at 23 denotes highly oversold territory which carries a risk for the short sellers.
Conclusion
THORChain Price fell 21% on the previous week and breakdown the crucial support of $1.00. The downfall in the RUNE Price is continuing and no signs of recovery is visible.
The technical analysis says, Rune crypto has corrected a lot. Therefore, price might spend some time in the consolidation range between $0.800 to $1.225.
Technical levels
Resistance levels: $1.225 and $1.400
Support levels: $0.800 and $0.700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
