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RUNE coin price falls with increasing bearish pressure. Hence, the price may soon break below the $7.5 mark.
THORChain, a decentralized liquidity protocol, allows users to exchange cryptocurrency assets across multiple networks without having full custody. RUNE is the native utility token for the THORChain platform. This is the base currency of the THORChain ecosystem.
Let us now look at the detailed analysis of ThorChain cryptocurrency.
Past Performance of RUNE
RUNE coin price finds a supply dump near the $9 mark. Thus, resulting in the short-term downfall causing a 20% price fall.
However, the price stands above the $7.5 support zone. Furthermore, the possibility of a bullish reversal increases with the recent jump of 40% jump in the intraday trading volume. Thus, indicating a rise in bullish pressure.
Source - Tradingview
RUNE Technical Analysis
At the time of writing, RUNE cryptocurrency stands at $7.90. The cryptocurrency has also fallen by 3.43% over the past 24 hours. THORChain currently ranks #67 in the CoinMarketCap rankings, with a market capitalization of $3.95 Billion.
The pivot points indicate that the following resistance levels are $8.6 or $10.75. On the other hand, support levels are $6.65 or $5.00.
The MACD and signal lines of the daily chart rise below the zero line. The lines are closing in on each other and may soon generate a bearish crossover. The indicator thus can soon give a bearish signal.
In the daily chart, the RSI indicator rises to 48%. Thus, the indicator predicts a rise of underlying bullishness.
Upcoming Trend
As per the THORChain technical analysis, the RUNE crypto is at a crucial support level of $7.50. Furthermore, as per the 4-hour chart, the recent jump in buying pressure indicates a bullish reversal. However, the fallout possibility still stands in the daily chart.
Additionally, the technical indicators project a weak bearish signal in the daily chart.