THORChain Price Prediction: Will Bears Take Over?

THORChain was trading at $1.66 (press time) with a decrease of 0.85% intraday.
The 24-hour low for RUNE was $1.65 and the 24-hour high was $1.71.
The THORChain price was below the 20-and 200-Day EMAs.

Intraday trading saw a 1.91% drop in the RUNE/BTC pair, valued at 0.00005508 BTC. Although the RUNE token suffered a considerable 83.35% decline over the previous year, suggesting significant selling influence, it remained close to its crucial support level of $1.289 by the end of 2022 as the market faced robust selling pressure.

From the beginning of 2022, the token endeavored to stay near its secondary resistance level. However, sellers took over the market and pushed the token below its primary support level. As the year progressed, sellers continued to exert pressure on the token, resulting in the token reaching a new low for 52 weeks and remaining close to its secondary support level.

After the start of 2023, the token’s value began to rise and surpassed its primary support at $1.650. Nevertheless, shortly after the breakthrough, the token consolidated and remained within the range of its primary and secondary resistance levels. This indicates a balanced market with no buyer or seller advantage. If the sellers gain control, they could push the token toward its secondary support level, putting it at risk. To avoid this scenario, buyers would need to intervene and support the token.

Source: RUNE/USD by Tradingview

Over the past 24 hours, the coin’s trading volume has increased by 2.97%. The volume rise suggests an increase in buyers, indicating their strong presence in the market. The relationship between volume and the price of RUNE highlights the market’s weakness during the current bearish phase.

THORChain Technical Analysis :

Source: RUNE/USD by Tradingview

The Relative Strength Index (RSI) decreased in the overbought zone and has shown a negative crossover. This suggests the sellers are in the majority in the market and pushing RUNE downwards. The current value of RSI is 58.32, which is below the average RSI value of $60.20.

MACD and the signal line are increasing above zero over the daily chart contradicting the RSI claims and indicating strength in the current bullish trend.

Conclusion

THORChain price prediction suggests that the RUNE token might fall if buyers’ losses against the bears and bears took over the market. The increase in volume shows that traders have confidence in the RUNE token.

Furthermore, RSI is decreasing and has shown a negative crossover over the daily time frame chart, suggesting strength in the bearish trend. However, MACD and the signal line are increasing and are above zero, indicating some bullish intent in the market.

Technical Levels-

Resistance level- $1.542 and $1.847

Support level- $1.289 and $1.062

Disclaimer-

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing