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RUNE Technical Analysis: Dynamic Oppressor 50-SMA Fuels Downtrend

Analytics

cryptoknowmics.com 11 July 2022 14:17, UTC
  
Reading time: ~2 m

RUNE price action showcases a bullish failure to surpass the resistance trendline teasing a potential reversal to the $1.50.  Key technical points: 

  • RUNE prices have decreased by 10.26% in the last 24 hours. 
  • The price action shows the potential double top formation teasing a drop to $1.81. 
  • The 24-hour trading volume of Thorchain is $94 Million, indicating a decline of 30%. 

Past Performance of RUNE

The RUNE price action shows a downward trend after failing to surpass the supply zone at the $4 mark. The bullish failure leads to a downward trend under the influence of a resistance trendline and accounts for a 60% drop to $1.5. However, we can see a bullish retracement challenging the resistance trendline. But the confluence of the resistance trendline and the 50-day SMA results in another bullish failure. TradingView Chart Source- Tradingview

RUNE Technical Analysis 

The RUNE price drops by 5% today and teases a double-top formation at $2.4, potentially leading to a 30% drop to test the $1.50 support level. Hence traders looking for selling opportunities can find multiple entry points at the current market price. The vertex indicator shows the VI lines ready for a bearish crossover indicating a trend reversal in the technical chat. Therefore, the technical indicator supports the idea of a double-top formation leading to a bearish retracement. The stochastic RSI indicator shows the K and D lines failing to sustain in the overbought territory leading to a bearish crossover and cracks under the overbought boundary, representing a new bear cycle. In a nutshell, the RUNE technical analysis forecasts a high likelihood of a bearish continuation to the $1.50 support level.

Upcoming Trend 

If the sellers maintain a downward trend, the RUNE prices will succumb under the psychological mark of $2 to test the $1.50 support level accounting for 30%. Resistance Levels: $2.40 and $3.50 Support Levels: $2 and $1.50


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