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THORCHAIN Price Analysis: RUNE Token Held By The 50 EMA Avoiding Further Downfall In The Weekly TimeFrame

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  • RUNE Token price is resonating within a descending triangle below the $10 marks
  • The token price is consolidating within the 200 and 50 EMA in the daily technical chart. 
  • The RUNE/BTC pair trades at 0.0003427 with an intraday fall of -1.67%.
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RUNE Token price is yet to recover from the 60% fall faced near the $20 level. However, the coin price has made an evening star pattern above the 50 EMA in the weekly technical chart. 

The coin price fails to rise above the strong supply level of $14 and faces constant higher price rejection. However, the $6.5 level provides constant demand by pushing the price back up efficiently.

The decrease in volume near the trendline showcases the superior bearish strength. The breakout of this triangle might drive the price back down to the $3 mark. Investors may find this as an attractive buy-the-dip moment if the pattern breaks out. 

Presently, the intraday trading volume of the token has fallen almost 19.75% within the last 24 hours. Furthermore, the RUNE/USD pair trades at $8.40 with an intraday fall of 11.86% in the market cap.

Descending Triangle Supported By The 200 EMA Holds No Hope For RUNE Token

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Rune token price still resonates within the descending triangle in the daily technical chart. The coin price has breached the 50 and 100 EMA but is yet supported by the 200 EMA.

The decrease in trading volume near the correction line projects an increase in underlying bearishness. The bearish breakout of this pattern might push the price back down to the $3 mark. The fallout might result in a great buy-the-dip opportunity for safe investors. 

The support level of $6.50 has managed to push the price back up along with the 200 EMA providing strong, solid support. However, in case of a bearish breakthrough, analysts forecast a 30% fall.

In the unlikely case of a bullish breakthrough, the levels of $10 and $14 might push the price back down.

The RSI indicator (Bearish) indicates an increase in underlying bearishness as the RSI line dips and heads lower into the oversold.

Conclusion – The increasing bearish tension under the triangle pattern projects a fall soon. The fall might result in price breaking the $6.5 level, forecasting a 30% fall. However, investors might get the opportunity of buying the dip in case the coin price hits the $3 mark.

Support – $6.50 and $3

Resistance– $10 and 14