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THORCHAIN Price Analysis: $5.65 is a crucial level, long here.

  • The token had a 24 hours trading volume of 67,864,276 and a gain of 7.74% was seen.
  • Inverted hammer was seen last week and an engulfing bearish in the last one day.
  • The RSI oscillator marked NEUTRAL action.
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The token is running well below its 200 days moving average and frequent doji’s formed in the starting of June. The trend then shifts to downwards and a bearish market is formed. After Doji formation, the sellers are winning mostly. The chart above shows the movement of the token with respect to EMA-20, EMA-50, EMA-100 and EMA-200. The trendlines marked show the pattern in falling price. EMA-20 has been trailing below EMA-50 and has been continuing to sink. 

RSI for the last 5 hours shows the action of sell with the value of 41.897. MA-5 shows the buy action whereas MA-10 and MA-20 shows the sell action. Even MA-50 and 100 show the same sell action. Bull/Bear power with the value of -0.4538 shows the sell action.

The RUNE-BTC pair is at 0.0001699 and the low by 5.63% was seen whereas the RUNE-ETH pair is at 0.002671 and it is low by 8.73% in the last 24 hours. Volume/Market cap is at 0.0507 and the token’s market dominance is 0.10%. The 24 hours price for the coin is down by 2.37% and the 24 hours percentage high is down by 3.52%.

Conclusion: The days range for the token is 5.568-6.059 and presently is at 5.71%. It has been assumed that the price may not fall below 4.8600. The trend forming recently is sideways and just an hour ago we saw a Doji candle. This could however turn either way. If you wish to buy the token then you can. Go through the historical data before buying or selling your token.

Technical Instruments:

Pivot: 5.731

R-1: 5.771

R-2: 5.795

S-1: 5.691

S-2: 5.667

(Note- The unit is USD)