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THORCHAIN Price Analysis: Bullish Rally Relaxing After A Week’s Run

  • The 24 hours trading volume of the token is 119,484,430 and the massive gain of 121.70% was seen. The live price of RUNE is $4.98.
  • The token has shown the pattern of doji star bearish in the present time.
  • The RSI oscillator for THORCHAIN shows the SELL action.

The THORCHAIN has been running well below its 200 days moving average and also below its 50 days moving average. The chart above shows the movement of the token with respect to SMA-20, SMA-50 and SMA-200. SMA-20, the token was unable to touch SMA-200 but SMA-50 was achievable at times. The trendline marked in the chart shows the movement of SMA-20 above SMA-50 and below SMA-50. When the token trailed above its DMA-50 the returns were upto 20% (Max. and circled on the chart) and so the returns were approximately 15-20% in this timeframe. 

An RSI oscillator is also present in the chart which shows the proper time to buy or sell the token. RSI for the last 5 hours shows the value of 33.284 and marks the sell action. MA-5, MA-10 and MA-20 show the sell action as well. However, the RUNE at present is all set to buy. Which is expected to show a hike in price in the coming time.

The bull/bear power has the value of -1.1927 and shows the sell action. The high/low marks the neutral action with the value of -0.5282.

Why RUNE is important at this moment?

It is a cosmos-based blockchain proto.which works for swapping crypto assets like ETH, Bitcoin across networks of blockchain. 

DEFI tokens like AAVE, RUNE, Synthetic showed a bullish rally since last week.

The RUNE-BTC pair is trailing at the level of 0.0001543 and the low of 11.68% was seen whereas the RUNE-ETH pair is trailing at the level of 0.002527 and the loss by 12.36% was seen in the last 24 hours. The token has shown the percentage change by 13.86% since yesterday’s open.

The volume/market cap of the token is 0.1025 and its market dominance is 0.09%.

Conclusion: The days range for the coin is 4.669-5.871 and presently is at 4.98. The token had shown a great hike in the last few days but now it has been running below its 200 and 50 days moving average. The token is expected to show rise in the coming time and if you wish to purchase this token then long it as SMA-20 is below SMA-50 and 200 which makes a fine time to long. Despite running below the golden ratio at present we could expect a rise for RUNE.

Technical Instruments:

Pivot: 4.967

R-1: 5.289

R-2: 5.488

S-1: 4.645

S-2: 4.446

(Note- The unit is USD)