- Thorchain Price might form a clear candle above the 200 day moving average.
- RSI almost broke the normal zone from downwards creating momentum for the bulls.
- RUNE/BTC is currently trading at 0.0001967 BTC with an intraday change of-0.15%.
Thorchain Price is currently trading above the 50, 100 and very close to the 200 day moving average. Previously, the 50 and 100 day moving averages have acted as support during the fall in recent days. Now, the bulls are trying hard to keep the price above all the moving averages, especially the 200 day moving average. If the price forms a clear candle above the 200 day moving average, we might see a good profit in the near future.
The Relative Strength Index (RSI) has almost broken the normal zone from downwards showing a strong momentum in favour of bulls. The RSI is expected to break and approach towards the overbought zone in the days to come.
The Fibonacci indicator is suggesting important resistance at $10.559, $12.586 and $18.438 while $8.969 and $7.851along with $6.734 price level will act as support in the near future.
However, the Moving Average Convergence Divergence (MACD) is sliding in favour of bulls. The MACD line is below the signal line with the histogram creating red bars. This might be short lived if the price manages to break the resistances mentioned above.
NOTE: The 50, 100 and 200 day moving averages are coloured Yellow, White and Red respectively.
The MACD line is Blue and the Signal line is Red.
The important support and resistance to look for are:
SUPPORT: $8.969, $7.851 and $6.734
RESISTANCE: $10.559, $12.586 and $18.438.
TAKEAWAY: With most of the indicators suggesting momentum in favour of bulls, we might see Thorchain Price rise in the near future. The support and resistance derived from the Fibonacci indicator will play a crucial role in the whole scenario.