RUNE Price Rejects $2; Falls 9.70%

THORChain (RUNE) price witnessed a strong surge during the beginning of August, rising from the support level of $0.92. The cryptocurrency price surged 86.80% from the support level and is striving to close above $2.

RUNE price broke the $1 psychological level and rallied to close above $2 but was unsuccessful. The asset price faced strong rejection and retraced to form a support at $1.39. After falling, RUNE price gained bullish momentum again to close at $2 but the move was halted at $1.95.

THORChain price has been printing bearish candles for three days after facing rejection near $2. The current candle is also bearish and has broken the previous candle’s low. The cryptocurrency price is now towards a minor support level of $1.46.

If the bearish momentum continues and the RUNE price breaks the minor support of $1.46, it might melt toward the next significant support level of $1.39. On the other hand, if the price can form strong support, it might retest the $2 psychological level.

The market capitalization of THORChain has declined by 2.42% to $580,020,287 at the time of writing. The 24-hour trading volume decreased by 42.36%. RUNE price is down 91.88% from the all-time high of $21.26 and up 21651.84% from the all-time low of $0.0079.

THORChain Integrates With Metamask

Metamask has more than 30 Million users across the globe and is one of the most popular crypto self-custody wallets. The integration with THORChain is a game-changer for the protocol as the collaboration offers a new avenue through which Metamask users can conduct swaps in a self-custody environment.

THORChain’s collaboration with Metamask shows the shifting dynamics of the crypto trading landscape. Metamask has added THORChain support, which means that tens of millions of users can now easily trade crypto using a decentralized protocol instead of a centralized exchange.

Will RUNE Price Drop to $1.39?

The cryptocurrency price has surged above 20, 50, 100, and 200-day exponential moving averages, suggesting bullish momentum. However, if the bearish momentum persists, RUNE price will soon cross the 20-day EMA negatively.

The Chaikin money flow score is above the 0 mark and trades at 0.03, indicating slight strength in the market. RSI has witnessed a notable drop and trades at 54.48, implying a rise in the participation of bears. The long-short ratio is 0.71, with 41.84% longs and 58.16% shorts, indicating a higher seller position in the last 24 hours.

Conclusion

The market structure and price action of THORChain have turned bearish after facing rejection from the $1.95 resistance level.

Technical Levels

Major support: $1.39 and $1.10

Major resistance: $1.95 and $2.20

Disclaimer

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