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THORCHAIN Price Analysis: The token is trailing above its second resistance zone.

  • The token has the 24 hours trading volume of 102,627,422 and the gain by 43.89% was seen.
  • The three outside up patterns were visible in the last one hour.
  • The RSI oscillator shows the OVERBOUGHT action.
Tradingview

The token has been performing well and the candles formation in the 4 hours time frame shows bigger wick formation. On an average the token has provided returns of 15% in 5 days time interval. The chart above shows the movement of the token with respect to SMA-20, SMA-50 and SMA-200. Along with it RSI oscillator is also present. RSI for the last 5 hours shows the value of 69.21 and marks the buy action. MA-5, MA-10 and MA-20 show the buy action as well. Bull/Bear power shows the action of 1.2076 and marks the buy action. Just the SMA-200 shows the SELL action.

The trendline formation shows bullish market

Tradingview

The trendline at present shows the bullish market formation with the higher highs and lower lows. At first the trendline showed bearish sentiments and later shifted to bullish. 1 marked in the trendline shows the bearish movement in the market which shifted to bearish sentiments again after showing a hike in price prior to 2. The average price level of 1 was 8-10, whereas 2 price level was of 6-10.

Conclusion: The token has a days range of 5.826-7.246 and presently runs at 7.004. The RUNE-BTC pair is trailing at 0.0002032 and was up by 14.79% whereas the RUNE-ETH pair is at 0.003044 and was up by 13.94% within 24 hours. It has been assumed that the token would go up in the coming time and if you are interested to do a short time trade then you can go for buying this token.

Technical Instruments:

Pivot: 6.565

R-1: 6.834

R-2: 7.001

S-1: 6.296

S-2: 6.129

(Note- The unit is USD)