Thorchain Price Analysis: Thorchain Coin is in a consolidation post-breakout from head and shoulders

• Thorchain Coin is in a consolidation zone between $ 3.80 and $ 5.20
• The coin made a bearish breakout from the head and shoulders pattern
• The coin is trading in a range-bound behavior on the hourly chart

Thorchain Coin broke out of a head and shoulders pattern on the daily chart. The coin is currently consolidating in the zone between $ 3.20 and $ 5.20 on the chart. The coin broke out of the head and shoulders pattern late last month and since then has been on a consolidating phase. The volumes have reduced drastically for the token over the last few months. The coin began the head and shoulder pattern in August and completed it in early 2022.

Thorchain Coin is behaving in a range-bound fashion on the hourly chart over the last couple of weeks. The coin is currently testing the resistance at $ 4.50. The coin is in the zone between $ 4.50 and $ 3.80 on the chart. The coin was earlier trading in the zone between $ 4.50 and $ 5.25 on the chart. The coin broke the support at $ 4.50 to trade in the current zone. The coin now has strong support at $ 3.80. The coin looks to trade in the current zone over the next few trading hours. 

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Conclusion: 

Thorchain Coin is in a consolidation phase after the breakout from the five-month-long head and shoulders pattern. The coin is testing a short-term resistance zone on the hourly chart. It remains to be seen over the next few trading sessions as to which direction the token will take.

Support: $ 3.80

Resistance: $ 4.50

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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.