For more than a month, the RUNE price action has shown a consolidation range ranging between $1.78-1.5. Prices are now resting near the bottom support, but the bullish divergence in the RSI signal suggests a possible turnaround.
Prices are now resting near the bottom support, but the bullish divergence in the RSI signal suggests a possible turnaround.
The RUNE price movement indicated a strong downtrend under the impact of a resistance trendline, resulting in a drop to $1.5. However, the bullish dominance at the psychological level stopped a further decline in Throchain's market value, which would have resulted in a consolidation range.
Near the moment, the price movement shows a Doji candle forming at $1.5, preventing a bearish breakthrough. However, if selling pressure increases, the Thorchain market price will go below the psychological level of $1.50.
According to the price action, the RUNE token price is bearish, reflecting the worldwide cryptocurrency market trend. Despite the recent drop in the overall cryptocurrency market, the token price has managed to stay above the previous long-term demand zone.
The RUNE token price went back to the demand zone after failing to surpass the critical supply zone. Recent bearishness caused token prices to drop sharply, with a dominating bearish momentum. The RUNE token price appears to be resting at the demand zone, and rebounding back off it will signify an up trend. On an hourly basis, the RUNE token price is producing higher high and higher low formations as it breaks the falling wedge pattern supply zone.
The RUNE token price is now trading below the Moving Averages of 100 and 50. The recent drop in the price of the RUNE coin led the 100 and 50 Moving Averages to break down. These MAs might exert significant bearish pressure on the RUNE token price as it rises.
The RUNE token price is now trading near the lower band of the Bollinger band indicator, having failed to surpass the upper band. The token price has also gone below the 14 SMA, implying that the token price will remain negative for the next week. As the token price began to consolidate towards the demand zone, volumes increased. Investors should wait for a proper reversal signal before reacting.
According to the Fibonacci trend retracement, a drop below $1.50 will push prices to $0.60. However, the psychological level of $1 will continue to be an important support level and a possible bullish launchpad.
According to Price Analysis, the market capitalization of this RUNE is expected to be $505,933,175. The coin's 24-hour trading volume is roughly $37,518,958. The market capitalization of RUNE has fallen by 2.96%. However, trading volume Increased by 19.13% during intraday trading. The market capitalization to volume ratio is 0.07416.
On the upside, the price is facing resistance at $1.55. The first significant barrier is at $1.60. A decisive break over $1.60 might indicate the beginning of a decent rise towards $1.65. Any more increases might open the door for a move towards the $1.70-$1.82 resistance level.
If the RUNE fails to break through the $1.55 barrier, it may begin a new decline. On the downside, an initial support level is at $1.50. The next major support is at $1.45. If the price falls below $1.45, it may move towards the $1.20 support.
KEY LEVELS :
RESISTANCE LEVEL : $1.60-$1.70
SUPPORT LEVEL : $1.45-$1.30
After a lengthy consolidation, the is finding support near the double bottom zone. Will the bulls recoup their losses, or will the bears breach the support zone? Could you please provide feedback?
