THORChain Price Prediction: RUNE stays above $1.0 level, interesting price pattern in place

Thorchain (RUNE) seen in a symmetrical triangle pattern.
The market capitalization declined by 1.48% to $385.4 million in the last 24 hours.
Buyers are defending the key round-the-clock level of $1.0 from another price decline.

ThorChain price is forming a higher-low and lower-high with reference to the 4-hour chart. This non-directional pattern suggests a consolidation phase for RUNE coin. At this point, buyers are expecting some degree of price recovery as the asset price fluctuates near yearly lows.

Recently buyers have successfully reversed RUNE trends near support levels, therefore, the crypto remains close to the resistance trendline at the time of writing. Also, the trading range is getting narrower by the day anytime the crypto breaks above or below this zone. Perhaps buyers are looking aggressively for more momentum.

THORChain is down 1.69% in intraday trading session while the token is trading at $1.16 mark against the USDT pair. Thus, market capitalization decreased 1.48% in the last 24 hours, at $385.4 million. Trading volume fell 11.8% overnight, therefore, the RUNE token concerning the Bitcoin pair stays red by 1.1% at 0.00007061 satoshis.

Over the daily price chart, RUNE price action draws double bottom formation near yearly bottom. As of now, crypto value is remaining lower than the all red moving lines of EMA ribbon indicator. This shows, buyers have to face multiple bullish hurdles ahead.

Thus RSI indicator present at 41 mark at the time. This is not a strong bullish sign but still buyers may buy intensely if RSI peak escape the semi-line. Besides, MACD stays sideways in the negative region.

Conclusion

The THORChain (RUNE) price is trading sideways below the red moving lines of the EMA indicator. Despite sharp selling, buyers barely defended themselves from another drop.

Support level – $1.0 and $1.0

Resistance level – $2.0 and $3.0

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.