- THOR (RUNE) price slid 1.19% on the past day and currently trading at $1.0
- THORChain (RUNE) derivatives data states that a total of $2.32K OI has been created on the long side against $0.25K OI on the short side.
THORChain (RUNE) cryptocurrency launched in April 2021, is a liquidity protocol that allows its users to exchange cryptocurrency assets to a wide range of networks. It is a decentralized protocol that allows full custody to the users while handling their assets.
THORChain’s price is currently trading at $1.0 with a decline of 1.19% in the past 24 hours. According to coinmarketcap data, THORChain cryptocurrency holds a total market cap of $334.2 Million and ranks at 95th position in the crypto market. It has received a $16.7 Million volume in the past 24 hours which is 22.65% less than the previous day. Also, It has over 333.9 Million circulating supply which is 66.7% of the total supply. The volume to market cap ratio of RUNE coin is 5% which indicates low volatility in the market.
THORChain Price Prediction Using Price Action Strategy
As per the price prediction of THORChain cryptocurrency, THORChain price was observed to be forming a Double Bottom pattern after taking support from the demand zone and surged by Almost 50% from the recent swing low. Also, the Price is respecting a trendline as a Resistance and got rejected to form a lower low pattern. moving over to the daily timeframe it is observed that however, RUNE coin has made a surge of 50% from the swing low, Price is still not able to change its character i.e. The price is still in a downtrend in a lower timeframe.
Currently, the THORChain cryptocurrency price is trying to sustain near the recent swing high. Now, The price Action Analysis states that if the price is able to break and sustain above $1.19, It will result in a change in the character of the price into an uptrend in the short term after which a Bullish rally of 30-40% may be observed in the RUNE Coin. The price may incline up to the resistance trendline or the next recent swing high. Also, the volume analysis shows the rise in the volume after the price rebound from the demand zone indicates the active participation of buyers in the market.
However, the price will still remain in a long-term downtrend unless it breaks and starts sustaining above the trendline resistance in the weekly chart. Moreover, If buyers fail to break and sustain above the swing high then sellers may again dominate and the price may continue its long-term trend to form a new swing low.
Indicator Analysis
As Per the EMA analysis, RUNE’s price is trading above 20 EMA which shows short-term active participation of buyers in the market. Also, it is observed that the RUNE price is below the 100-day EMA which is acting as a resistance, and the price got rejected from it. If the price needs to continue its short-term uptrend then it must need to surpass the hurdles of 50, 100, and 200 EMA.
At the time of publishing, the RSI value of THORChain is 47.8 and that of the SMA line is 52.08. RSI has rebounded after entering the oversold region and currently moving up by forming higher highs. Currently, RSI has gone flat which indicates neutral to bullish sentiment in the market.
MACD lines have made a bullish crossover but lines are trying to break above the mean line. Also, histogram bars are forming above the mean line with decreasing height showing there may be some weakness in the short-term buying in the market.
Conclusion
As per the combined analysis of price action and indicators, THORChain (RUNE) coin price prediction concludes that it has got the interest of buyers and trying to change its trend from bearish to bullish in the short term. Volume Analysis also shows the active participation of buyers. currently, the price is trying to sustain near the recent swing high. If the Price is able to break and sustain above the recent swing high level at $1.19 then it will result in a change in trend and the price may surge up to $1.69. Indicators are also showing short-term bullish sentiment in the market.
However, if buyers fail to surge the price then sellers will try to continue with the ongoing trend and the price may decline up to the previous demand zone at $0.77
Technical levels
- The support levels at $0.77 and $0.51
- The resistance levels at $1.49 and $1.69
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
