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29 March 2024
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RUNE Price Analysis: THORChain tumbles by 11% in market rout


RUNE/USD is currently priced at $4.95 and has decreased by 11.51% over the past day 

•The trading volumes have increased by 110.61% over the past day 

•The technical indicators suggest a bearish outlook for the near term 

Short Term View: RUNE price action dampens the mood of investors 

Source: RUNE/USD by TradingView 

The THORChain price today is $4.95 USD with a 24-hour trading volume of $318,650,758 USD. THORChain is down 11.51% in the last 24 hours. The trading volumes have increased manifolds over the past day whereas the Volume to Market Cap Ratio stands at 0.1948 for the altcoin. 

After reaching its all-time high of $21.26 on May 19th, 2021, THORChain has been stuck in a downtrend which it is yet to fully recover from. Currently, it is embroiled in a slugfest that has resulted in huge slashes in price over the past month. The asset is currently struggling to attract buyers as it trades below the 20,50 SMA on the four-hour chart. In the event of an extended rally, RUNE could test resistance at $5.72. Failure to gather the requisite momentum would bring the support level at $4.40 into play. Barring another extended sell-off in the near term, THORChain should avoid the next support level placed at $4.

Long Term View for THORChain 

Source: RUNE/USD by TradingView 

According to the MACD indicator for RUNE, the momentum is heavily in favor of the bears as it shows the MACD and signal line transacting in the negative zone with the gap widening between the two. The increasing size of the red histograms further complicates matters for the bulls. The selloff has coincided with the 14-day RSI failing to break out of its recent ceiling as the indicator is transacting at 34.96, which is a stone’s throw away from the oversold territory. 

Conclusion 

The THORChain price analysis reinforces bearish dominance while showing little to no bullish pressure across the mid-term charts. Hence the prices are likely to continue falling in the coming days.

Support: $4.40-$4

Resistance: $5.72

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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