- The daily price chart for THROChain shows that the price is currently in a decline and is trading at 2021 lows.
- RUNE crypto is trading at 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.
- The pair of RUNE/BTC is at 0.0001201 BTC with an intraday drop of 2.86%.
The THORChain price is fighting to hold at the current level while showing a strong downward momentum on the daily chart. The price of the RUNE cryptocurrency has remained constant around $2.20 to $3.05. The token is currently trading toward the lower range of the consolidation phase due to getting snared by short sellers. RUNE coin must elude short-sellers in order to prevent falling below the lower range of the consolidation period. RUNE bulls must assemble themselves in order to recapture the token before it crosses over the lower range.
The estimated price of THORChain is currently $2.85, and its market capitalization has decreased by 6.91% over the previous day. During the intraday trading session, the volume of transactions decreased by 45.46%. This suggests that sellers are actively trying to move RUNE toward the lower level by aggressively selling. Volume to market cap ratio is 0.1752.
The RUNE coin price needs to hold at this level in order to stay above the consolidation phase. The volume bars show that bears are currently in control of the RUNE coin. Given that the volume change is still below normal, bulls must use their greatest effort to affect volume and permit RUNE to continue. RUNE cryptocurrency is currently trading at the 20 and 50 EMA but still below the 100 and 200-day DMA.
What do the RUNE technical indicators suggest?
The price of RUNE coin needs to stay above the lower price range of the consolidation phase in order to avert a significant decline on the daily chart. Technical signs suggest that the decline for the RUNE coin will pick up speed.
Relative Strength Index showcases the sideways momentum of RUNE crypto. RSI is at 56 and is about to cross neutrality downwards to march towards the oversold territory. MACD exhibits the downtrend momentum of RUNE coin. The MACD line is above the signal line but with a lower margin. RUNE investors must wait for any directional change over the daily chart.
Conclusion
The THORChain price is fighting to hold at the current level while showing a strong downward momentum on the daily chart. The price of the RUNE cryptocurrency has remained constant around $2.20 to $3.05. The token is currently trading toward the lower range of the consolidation phase due to getting snared by short sellers. The volume bars show that bears are currently in control of the RUNE coin. The MACD line is above the signal line but with a lower margin. RUNE investors must wait for any directional change over the daily chart.
Technical Levels
Support Level: $2.66 and $2.20
Resistance Level $3.00 and $3.50
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/12/thorchain-price-analysis-rune-getting-rejected-from-the-upper-range-of-the-consolidation-phase/