- 1
THORChain price prediction is bullish and suggests a rise in the long run. - 2
RUNE price trading below the 50-day and 200-day EMA showcases a downtrend. - 3
ThorChain crypto price witnessed minor profit booking from the $1.100 level.
THORChain price prediction suggests RUNE crypto will recover in the coming months and bulls will return back to track.
RUNE price seems to be stuck in the narrow range between $0.900 to $1.100. Buyers are trying their best to defend the lower range to keep the confidence of investors.
ThorChain price struggles to climb above the 50-day EMA showing the short-term trend is down. If the prices bounce back then the EMA will act as an immediate hurdle for bulls.
In the mid of June, RUNE crypto price took support near $0.800 and prices displayed a bullish reversal pattern. Later, slowly prices recovered by forming higher highs and rallied 38% in a short span of time.
The momentum in the RUNE price halted near $1.100 and prices witnessed minor profit booking. Presently, the profit booking is still continuing. ThorChain price is trading at $0.940 with an intraday decline of 1.47%.
The 24-hour volume to market cap is 6.13%. The pair of RUNE/BTC is trading at 0.0000319 with an intraday decline of -1.24%. The price chart of RUNE with the BTC pair is also bearish and no signs of recovery are visible.
Will the ThorChain Price bounce back?
THORChain price prediction for August 2023 is bullish. But prices will gain momentum when buyers succeed to break out of the $1.100 hurdle. The crypto leader Bitcoin and Ethereum price is in recovery mode.
If the recovery continues then it will improve the market sentiment which might impact the Altcoins. Till the RUNE price sustains above $0.800 the possibility of bounce back remains high.
Moreover, if the buyers succeeded to break the $1.100 hurdle then a 10% rise is possible. The technical analysis suggests RUNE crypto is near the demand zone and the downside is limited.
RUNE Price is in a correction phase
RUNE price is in the correction phase but it is forming a Doji candle on the weekly time frame. It shows the downfall will halt soon and recovery will begin. The MACD curve is sloping sideways but the histogram bar is red indicating mild bearishness.
The super trend shows that the price is near the buy line and a bounce back is possible. The RSI at 41 denotes weakness and if the price declines further then RSI might test oversold territory.
Conclusion
THROChain price prediction remains bullish till it holds $0.800 support. Presently, the price is in a short-term correction phase but the downfall is likely to halt soon. The technical analysis suggests RUNE price will regain $1.00 again.
Technical levels
- Resistance levels: $1.100 and $1.200
- Support levels: $0.900 and $0.800
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.
Source: https://www.thecoinrepublic.com/2023/08/04/thorchain-price-prediction-aug-2023-will-rune-price-regain-1/