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THETA and RUNE are trading over 10% lower to start the week, as recent declines in the crypto market extended during Monday’s session. As of writing, the global cryptocurrency market cap is down nearly 5%.
THORChain (RUNE)
In addition to BTC and ETH, RUNE also fell to a three-week low to start the week, as bearish pressure mounted in crypto markets.
Following a high of $9.47 on Sunday, RUNE/USD fell to an intraday low of $8.06 during today’s session, as prices fell to their lowest point since March 25.
This drop sees RUNE hit its long-term support point at $8.08, after trading near its resistance of $12 almost a week ago.
Looking at the chart, today’s move comes as price strength failed to move beyond the ceiling of 50, which then prompted bears to send prices lower.
The decline in price strength came as momentum also declined, with the 10-day and 25-day moving averages preparing for a downwards crossover.
As of writing, the Relative Strength Index (RSI) is sitting at its lowest point since February 27, however some still expect further falls in price.
Theta Network (THETA)
Like RUNE, THETA was also down by over 10% during Monday’s session, as it fell for a second consecutive session itself.
THETA/USD hit a bottom of $3.03 to start the week, which is its lowest point since March 25, and this comes as the long-term floor was broken.
This support level at $3.30 caved in as prices fell for the ninth time in eleven sessions, as THETA’s value dropped by over 20% in the last week.
As a result of this descending pressure on price, we are now on the cusp of a downside cross between the moving averages of 10 and 25 days, respectively.
Should this happen, we could see even more upcoming lows, with bears likely to target the $2.65 level as the next long-term floor.
Despite the 14-day RSI currently tracking near multi-month lows, should the floor of 40 give way, we may head to 34, which will be enough to see the $2.65 level hit.