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THORCHAIN Price Analysis: RUNE Token Price Falls With Increasing Bearishness, Death Cross Possibility Increases

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  • RUNE Token price falls more than 60% within a month as the selling pressure increases.
  • The token price is trading below the 200 EMA as the 50 EMA slopes, increasing the possibility of a death cross. 
  • The RUNE/BTC pair is trading at 0.0003427 with an intraday fall of -1.67%.
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RUNE Token price continues to move in a downtrend under the influence of a resistance trendline. The trendline originates near the $14 mark, where the token price faced a sharp sell-off resulting in a fall of more than 60%.

The coin price fails to break the bearish trendline and falls with increasing selling pressure. The coin price consolidates near the $5 mark as the selling pressure decreases.

The RUNE token trades at $5.31, with an intraday fall of 16.63% in the market cap within the past 24 hours. Furthermore, the intraday trading volume has increased 46%, projecting the start of another fall.

Bearish EMA Alignment In RUNE Token Price Backs Bearishness Sentiments

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Rune token price breaks one support level after another as bears are overpowered as the crypto market slopes. The token price has breached all support levels between $20 and $6 effortlessly.

The increasing underlying bearishness in the technical chart might push the price back down soon to hit the $3 mark. However, investors should avoid buying the dip as the fall may result in continuous dip formation in the future.

The RUNE coin price is trading below all the critical EMAs – 50, 100, and 200 while all of the EMAs align in a bearish fashion projecting a serious downtrend.

The RSI indicator (Bearish) indicates a rising underlying bearishness as the RSI line moves sideways in the neutral zone and faces opposition in moving higher.

The ADX indicator represents a sideways movement projecting a loss in trend momentum due to the consolidation near the $5 mark.

Conclusion – The increasing underlying bearishness in the technical chart suggests investors should avoid any bullish entry. The technical indicators and the price action generate an alarming sell signal projecting the dip might be followed by another drop. The coin price may soon hit the $3 mark as the selling pressure increases.

Support – $3

Resistance– $6.50