THORChain’s aggressive selling seems to pause. The alternative coin halts around the $6.4 support, where sellers and buyers battle, resulting in sideways movements at lower time frames. RUNE enthusiasts may have to wait for price direction before executing long trades. Moreover, the asset’s current trend reveals a red flag.
RUNE/USD Past Performance
RUNE token saw an impressive rally during October’s bullishness to set another higher high near $17.25. The downbeat during November and December sessions erased the accumulated gains. That had THORChain plummeting towards the $6.4 level.
The alt suffered the losses during the 4 December crash and has hovered beyond the bottom support ($6.4), attempting to accumulate enough demand pressure. The correction phase had the crypto losing 66% of its value.
THORChain coin prints a slight Doji-type candlestick as it struggle to maintain beyond the support floor. The token needs to crack the closest resistance at $7.1 for RUNE to signal an impressive bullish reversal. That way, it will offer an entry opportunity for more traders. Nevertheless, the coin’s current trend remains bearish. For that reason, investors executing long trades should adhere to risk management strategies.
While publishing this blog, THORChain Coin trades at $6.38, following a 7.59% intraday gain. Meanwhile, the daily trading volume surged 141.8% to $67 million. RUNE ranks 70 in coinmarketcap with its market capitalization of $1,765,217,576, an 8.9% gain.
Technical Indicators
The Relative Strength Index on the four-hour chart displays bullish divergence, confirming increased buying pressure.
The critical exponential moving averages (20-50-100- and 200) shows RUNE trading on bearish waves. Furthermore, the 50- and 200-EMA prints a death cross, supporting the continuing selling in THORChain.
For now, RUNE appears ready to reverse the underperformance period as it highlights an upcoming rally. However, the altcoin might depend on sentiments on the overall crypto industry for its coming price movements.
The crypto market sees bullishness today. Bitcoin saw upticks, nearing the crucial level at $50,000 as the bellwether coin trades at $49,154 at this publication. Overcoming the $50K obstacle will support a steady rise in the cryptocurrency atmosphere. Such narratives will boost RUNE’s upward journey.
Stay tuned for crypto updates.
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