- Thorchain (RUNE) is currently trading at $1.002852.
- Thorchain (RUNE) live market cap is $333,892,141.
- Thorchain (RUNE)’s price trades below the 20, 50, and 100-day EMA.
The Thorchain protocol, which intends to enable cross-chain decentralized exchanges, uses RUNE as its native coin. The goal of THORChain is to make it simple and secure to exchange digital assets between multiple blockchain networks.
Trend Analysis
At the moment, the RUNE price is moving in the direction of the downside. It has been within a symmetrical channel since May 2022, exhibiting a consolidation phase lasting for over a year. Almost two years ago, RUNE achieved its all-time high of $22.1413. But after this peak, the price started making lower highs, which pointed to a significant trend reversal. Due to this reversal, the value has dropped significantly from its peak by about 97%.
Currently, RUNE price is circling a critical support level of $0.78944. It is widely anticipated that the price will continue to decline, given the state of the market and the current downward momentum. Before making any prospective entries or investment decisions, traders and investors should use caution and carefully watch the price movement for more confirmation.
Thorchain(RUNE) Price Prediction
Source: RUNE/USD.1W.by TradingView
MACD
We may assume from the weekly period indicators that the price of RUNE is exhibiting bearish signals. The MACD indicator shows a red histogram steadily filling in above the MACD line, signifying a negative signal and potential decline momentum.
RSI
Additionally, the RSI line for RUNE is very close to the 35 levels, and the simple moving average (SMA) line is above the RSI, both of which point to a potential decline shortly.
EMA
The price of RUNE is currently trading below all of the 20-day, 50-day, and 100-day exponential moving averages (EMAs), which supports the likelihood of a future decline momentum.
Volume Analysis
Furthermore, it is clear from the charts that RUNE volume is declining, indicating a lack of buyer activity in the current market scenario.
Conclusion
RUNE is exhibiting bearish signals, suggesting the likely continuation of a decline. The overall trend and structure of RUNE is indicating towards a bearish momentum. Waiting for the breakout in either direction is advisable before entering the RUNE coin.
Technical Levels
Support – $0.7894406.
Resistance -$3.1171281.
Disclaimer
The thoughts and RUNEinions expressed by the author or anyone else named in this article are solely for informational purposes. They don’t offer any advice, be it financial, investment, or otherwise. The possibility of losing money exists when buying, selling, or investing in cryptocurrencies.
