THORChain Token Price Analysis: Can RUNE Continue Its downtrend ?

THORChain Token is down 4.60 % USD today which is showing the selling pressure
RUNE/BTC pair is trading negative by 3.29 % at $0.0001474 BTC.
The last 24 hour’s volume of THORChain is $47 million which is down 18.3%.

After aggressive selling by the investors, THORChain had taken a break on the support level, and the buyers were active there and bought RUNE. RUNE seemed like it changed its trend and moved upwards, and as soon as sellers saw the resistance level that is nearly $9, they came into their existence and started selling.

Today, THORChain price is $6.93 with a 24-hour trading volume of $ 47 million. Thorchain is down 6.55% in the last 24 hours trading session. Currently, RUNE is trading in a bearish trend that is making a negative impact on investors.

Thorchain is trading in a vertical shot range in a daily time frame; neither is it going up nor doing the breakdown. It is creating a bit of confusion between the buyers and sellers.

Thorchain has been following the decline trendline for a long time. If RUNE breaks this trendline with high volume, then the big upside move can be possible; otherwise, it can follow the same trend ahead. It is clearly showing RUNE bearishness.

Source: RUNE/USD by TradingView

Can Thorchain change its trend?

After aggressive selling pressure, RSI (Relative Strength Index) has taken support on its bottom line, which is 30, then it started to move up, and we can see the strong buying potential from here, but it is trading in a sideways zone.

Thorchain can test this nearest support level that is near $ 6. After supporting this level, the currency may change its trend on the flip side, but it should have to break its downwards trendline before the buying may happen.

There is some resistance level for short-term trading sessions where the market may consolidate for some time, and then the big can may happen further $8.7,$13.48, and $17.17 are some resistance levels.

Conclusion

Thorchain Token is showing the bearish trend clearly while it breaks the declining trendline or gives any buying signal it may spend time at this level, then the buying may happen.

Support level – $17

Resistance level – $3.3.

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.