- Thorchain has outperformed 83% of the top 100 crypto assets in 1 year.
- RUNE crypto has given a positive performance when compared to its token sale price.
Thorchain facilitates decentralized trading and liquidity provision across different cryptocurrencies, operating without centralized exchanges or intermediaries. Through its chaosnet mechanism, trades are executed efficiently with minimal slippage.
The spot trading volume of the Thorchain crypto has witnessed a slight advance of 3.8% over the last 24 hours while the derivatives have witnessed higher engagement resulting in an advance of 48.9% in the derivatives trading volume of the crypto.
The market cap of the crypto despite this has witnessed a decline of 4.6% over the last 24 hours. Also, the current market cap value of the crypto is $1.588 Billion and it is the 56th largest cryptocurrency in the global cryptocurrency market.
The Coincodex further is showing the sentiment of the crypto to be bearish followed by a high volatility of 18.82% in the price of the Thorchain crypto. The supply inflation of the crypto further is low resulting in 3.03%.
Thorchain crypto has a market cap dominance of 0.07% and was released on July 20, 2019. The crypto price further hit an all-time high price of $21.26 on May 19, 2021.
Thorchain Crypto Derivatives Data Overview
The value of the derivatives trading volume for the crypto over the last 24 hours is $122.63M and the open interest of the crypto has declined by 6.5% in the last 24 hours. Also, the long/short ratio of the crypto is 0.9619 as per Coinglass.
Moreover, the long liquidation recorded for the crypto is $138.65K which is much higher than the short liquidation of the crypto recorded in the last 24 hours. The short liquidation recorded for the crypto further is $12.43K.
The following derivatives data is witnessing the dominance of sellers in the crypto price.
RUNE Crypto Technical Analysis
The trading price of RUNE crypto has formed strong bearish candles on the weekly chart and has declined by more than 50% from its most recent swing high of $11.4628.
The current price behavior of the crypto shows strong dominance of sellers and the price of the crypto if further breaks below the level of $3.7, It will lead to a change of character to bearish in the price.
The following phenomenon of the crypto might lead the price to lower levels if the price gets supported by the technical indicators.
RUNE/USD Chart by TradingView
RUNE crypto price has declined below the 20,50 and the 200-day EMAs on the daily chart. The 20 and the 50-day EMA further has formed a bearish cross indicating a downtrend in the crypto price.
The MACD and the signal line are also trading in negative territory and the histograms on the chart are further fading away. This further shows declining momentum in the price of the RUNE crypto.
The RSI has declined below the 14-day SMA and is trading at the level of 33.5. The value of the RSI further has been consistently slipping from the overbought zone.
Summary
RUNE crypto faces downward pressure, evidenced by bearish candles and a significant decline from recent highs. Technical indicators like EMAs and MACD signal further downside potential. A breach below $3.7 may signal a bearish shift. With declining RSI and high volatility, caution is advised as sellers dominate the market sentiment.
Technical Levels:
- Support levels: $0.840 and $3.820
- Resistance levels: $11.50 and $17.560
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.