Thursday, January 20, 2022
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By Brian Bollinger
Published 1 hour ago Updated 1 hour ago

The aggressive selling in the RUNE token price has taken a break now. The pair halts at a $6.4 support, where the battle between the buyers and sellers has caused a sideways rally in the lower time frame chart. The crypto traders should wait for more price action data if they are looking for a long trade, as the current trend for Thorchain still maintains a red flag.

RUNE/USD Daily Time Frame Chart

Source- Tradingview

Past Performance or Trend-

The RUNE coin displayed a remarkable rally in October, which made a new higher high around $17.25. However, the strong sell-off in November and December completely nullified all the gain price gathered in the bull run and plugged the token back to the $6.4 mark.

Thorchain chart displays death crossover of the crucial 50-and-200day EMA

On December 4th, the sudden selling pressure dropped the coin price to $6.4. Since then, the pair has been hovering above this bottom support, trying to identify sufficient demand pressure. The retracement phase has brought around a 66% discount on the token value. 

The Thorchain coin is still trying to sustain above the support, indicating a small Doji-type candle. For this token to signal proper bullish reversal, the price needs to breach the nearest resistance of $7.1, providing an entry opportunity for the traders. However, the current trend for this token is still bearish, and therefore the crypto traders entering a long trader should strictly follow their risk management.

By press time, the Thorchain token is trading at 6.38, with an intraday gain of 7.58%. The 24hr volume change is $67 Million, indicating a 141.8% hike. As per the coinmarketcap, the token stand at 70th rank with its current market cap of $$1,765,217,575(+8.89).

Technical Indicators-

  • The 4-hour Relative Strength Index (57) indicates bullish divergence in its chart, projects the rising strength of the token buyers.
  • The RUNE token trades in a bearish trend concerning the crucial EMAs (20, 50, 100, and 200). Moreover, the 50 and 200 EMA gives death crossover, encouraging the ongoing selling in the coin market.
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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