Thorchain Price Analysis: RUNE dragged towards bottom, What next?

• RUNE token broke its most crucial support mark of $1.000.
• Bulls are showing lack of momentum and unable to hold the selling pressure.

Thorchain (RUNE) price broke its most crucial mark of $1.000 and started to trade below it which shows an extreme downtrend in the token. Moreover, after the breakdown happened in the past months below the trendline mark of $1.450, RUNE noted a continuous fall and does not take a rest on any of the support range.

Furthermore,RUNE does not take a pause at its key EMA and continues to trade below the 20 day EMA, showing signs of weakness on the charts. The ongoing price action shows that sellers are ruling over the buyers and continue to make short positions from the past trading sessions.

Based on chart formation, there was a head and shoulders pattern formed on the chart which led the selling in the token and as soon as price started to trade below the trendline of $1.200, sellers gained momentum and forcefully dragged the coin below the horizon of $1.000.

When writing, the RUNE token trades at $0.850  with an intraday gain of 3.57% showing reversal indications. Moreover, the pair of RUNE/BTC is at 0.00320 BTC, and the intraday trading volume increased by 5.70% to $17.84 million. The day high of RUNE is $0.8564, and the daily low is $0.8126, which means amid the breakdown price holded the range.The market cap of RUNE is $256.26 Million.

Will RUNE jump or drag further?

On the daily charts, the RUNE token formed a rounding top formation and showed a bearish price pattern which led the downtrend. Furthermore, there is a bearish engulfing candle formed on every breakdown which shows the strength while falling in price.

What Technical Indicators Say?

On the 4-hour charts, RUNE token showed a bounce amid the breakdown move in the last trading sessions. There is a retracement action noted on the chart which led to a positive move with an increase of 3%. 

As per the Fib levels, RUNE is breaking below the 23.6% level and starts to trade in the most intense sellers region where bulls do not have right to stretch the gains, and whole action is depending on the mighty bears. If follow on buying notes in the next sessions, the mark of $0.9000 will act as an immediate resistance.

The RSI also showed a bounce from the oversold region and headed towards the neutrality.Furthermore, it shows the positive outlook on the charts for future sessions.

The MACD indicator shows a bullish crossover, and the green bars on the histogram show that buyers are gaining momentum from the last session and are willing to rescue the gains.

Conclusion:

RUNE token is looking for a rebound and willing for a trend reversal move in the next sessions.

Technical levels –

Support –$0.8300

Resistance – $1.000

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.