THORChain (RUNE) faces bearish pressure, dipping to $5.44. Despite Keltner Channel bands signaling bearish sentiment, bullish candlestick patterns hint at a potential market mood shift. RSI’s rise above 50 suggests growing buying strength for RUNE.
Over the last 24 hours, the THORChain (RUNE) market experienced a notable decline, primarily influenced by bearish activity. The prices faced a substantial downward trend as selling pressure outweighed buying demand. Despite attempts by bulls to recover, they encountered significant resistance in the market.
THORChain (RUNE) Faces Bearish Pressure: Price Dips to $5.44
The downward trajectory of RUNE continued, with current prices at $5.44, marking a 0.80% decline from the intraday high of $5.58, as reported by CoinStats. Should the bearish trend breach the intraday low of $5.40, it could trigger additional selling pressure, with the next support level expected at $5.20.
Conversely, a reversal in the negative trend may be indicated if bulls reclaim the intraday high and drive prices above $5.58, with the next resistance level likely around $5.80. Meanwhile, the market capitalization and 24-hour trading volume of RUNE experienced a 0.69% and 51.13% decrease, reaching $1,838,625,736 and $200,061,694, respectively.
RUNE/USD 24-hour price chart (source: CoinStats)
THORChain (RUNE) Analysis: Signs of Bearish Pressure and Potential Reversal
On the RUNEUSD 3-hour price chart, the Keltner Channel bands are trending downward, with the upper, middle, and lower bands touching $6.04515935, $5.62821886, and $5.23310402, respectively, indicating significant bearish pressure on the RUNE market. Furthermore, the declining trading volume suggests a lack of purchasing interest in the market, which supports the downward trend.
On the other hand, the bullish candlestick patterns appearing on the chart signal that the price action has rebounded off the lower band and is now showing indications of a probable reversal. This pattern might indicate a change in market mood and an opportunity for buyers to join the market.
Furthermore, with a reading of 43.93, the Relative Strength Index (RSI) has climbed above the signal line, suggesting a possible rise in purchasing pressure. This change in the RSI indicates that buyers are building up strength and may drive the price much higher. If the RSI continues to increase and above 50, it might show more significant bullish momentum and draw additional buyers.
RUNE/USD 3-hour price chart (source: TradingView)
Summary
Although THORChain (RUNE) is currently under bearish pressure, there are indications of a possible turnaround. The Relative Strength Index (RSI) suggests that buyers are gaining strength, hinting at a potential upward movement in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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