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Technical Analysis of RUNE is interesting today. Thorchain is an open-source protocol for liquidity and decentralized finance. It is a 100% autonomous blockchain network that allows users to deposit native assets into liquidity pools and earn high yields. RUNE is the customized token of this blockchain ecosystem.
Past Performance
On March 24, 2021, the opening price of RUNE was $5.13. As of March 30, 2021, the closing price of RUNE was $7.28. Thus, in the past week, the RUNE price has surged by roughly 42%. In the last 24 hours, RUNE has traded between $6.47-$7.32.
https://www.tradingview.com/x/1FkF4SYy
Day-Ahead and Tomorrow
Presently, RUNE is trading at $7.05. The price has declined from the opening price of $7.28. Thus, the market looks bearish.
The A/D indicator is tapering downwards. Thus, whale distributions are higher than whale accumulations. Thus, heavy selling activity will exert downward pressure on the RUNE price. Hence, we can expect the RUNE price to fall further.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is negative. Hence, we can expect the price to go down further.
The RSI faced a bearish swing rejection at 39% and is currently at 36%. A few minutes back, it was in the ‘oversold’ territory. Thus, selling pressures are very high. Hence, we can expect the price dip to continue.
RUNE Technical Analysis
Presently as per technical analysis, the price is above the Fibonacci pivot point of $7.02. Since the oscillators are indicating a price pullback, we can expect the price to fall below the pivot point in some time. If it further falls below the first support level of $6.70, then probably a price downtrend has set in.
The price has tested and fallen below the 23.6% FIB retracement level of $7.11. By day close, we can expect the price to retest and break out of this level. If it fails to do so, then a bearish trend has set in, and we can expect the price downswing to continue tomorrow as well.