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- RUNE/USDT is up 26% from its swing low
- RUNE is down 50% since February.
THORCHAIN is trading at $1 The price is down 2.34% in the last 24H. The 24H trading volume saw a jump of 22.09%. The Total Market Cap is $332,951,291
THORCHAIN is in a strong downtrend. The prices started the descent when the Bulls failed to pierce the $2 barrier. This downfall sucked almost 50% of RUNE’s value in the past 5 months. The selling pressure increased in April after a bearish engulfing candle had formed while getting rejected from the resistance of $1.70.
THORCHAIN Price attempts to break a descending Channel.
According to the daily chart, RUNE is under the bearish influence as the prices are 32% below the 200 EMA. The Market witnessed a recovery of 26% after getting support at the daily level of $0.80. This bounce aided the price to flip the 9 and 15 EMA. The market structure displays a formation of a descending channel.
At present, the Bulls are attempting a breakout which can result in a surge of almost 70% with the price target of $1.70. The uptrend can get more confirmation if the buyers break the resistance level of $1.05 which is just inches away. Breakout followed by retest can extend the recovery phase while fetching some decent returns.
The 4h Chart Shows a short term uptrend
As per the 4H timeframe, the price appears to be in a minor uptrend which is a result of aggressive buying from the support. RUNE is attempting to break the 200 EMA on the 4H chart which will confirm the change of trend in the short-term. It is important to consider bearish scenarios as the trend is still bearish on the daily timeframe.
The price is riding the wave while bouncing from the 9 and 15 EMA. If the Bears start selling, expect a decline of 20% before the price gets support. Therefore investors are expected to act smartly while maintaining a risk management plan. Wait for more signs of reversal.
RSI: The RSI indicator is currently at 62.65 on the 4H and the RSI made a bearish crossover with the MA. This indicates sideways or correction.
MACD: The MACD indicator has made a bearish crossover but the indicator is above 0.
The market will stay more biased towards the bullish side as long as the indicator is above the 0 line, but can expect some consolidation or correction.
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Technical levels
Support Levels: $0.80 – Support 1
$0.64 – Support 2
Current Price: $1.00
Resistance Levels: $1.26- Resistance 1
$1.55 – Resistance 2
Conclusion:
THORCHAIN felt the selling pressure which led to the decline in value over the past few months. Prices are trading at crucial levels which is a sign of fear and weakness. Meanwhile, some investors are looking forward to entering into low-risk positions as current situations can offer an excellent risk-to-reward. This is achievable by strategic planning with solid risk management. As the volatility increases, a lot of opportunity awaits, which also carries its risks.
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.
