RUNE Price Gains Bears Attention

THORChain price prediction suggests that the RUNE token has been taking constant retests from the 200-day EMA, though it has not been successful in breaching it yet. The price is making a lower highs and lows pattern. Presently, it is moving in the supply zone of the market structure, and is facing resistance from the 200 EMA, as it tries to make a rally. 

THORChain is made for cross-chain permissionless digital asset liquidity, where users can stake assets in the liquidity pool to earn fees and swap assets instantly in the market prices, borrow or lend any asset, and pay in any currency. THORChain does not compete with any existing protocol or chain; instead, it is built to join them all.

Decrease in LunarCrush Levels: RUNE

The majority of metrics in the LunarCrush platform is indicating that the community across the various social media platforms is not heavily engaged regarding the token.

The total bullish sentiment metric receded by 66.25%, whereas a sharp fall of 87.57% has also been observed in the total social engagement level. There is a slight rise in the 24h volume suggestive of the token being actively exchanged among buyers and sellers.

Significant Hike in Greed Sentiment of Investors

Investor sentiments concerning the overall cryptocurrency market are seeing a slight increase after moving near the neutral zone. The current value of the sentiment index is 56 points above the neutral zone as per the Alternative(dot)me platform.

THORChainPrice Prediction: Technical Analysis on Daily Timeframe

The relative strength index (RSI) line is giving a negative crossover to the 14-day SMA. The present value of the RSI is 47.76 points and the value of the 14-day SMA is 53.15 points. The RSI line is taking a bearish reversal.

At present, the stochastic RSI is advancing towards the demand zone and the value of the stochastic RSI is 15.78 points. The %K and %D may soon give an optimistic cross near the demand zone.

Conclusion

As per the analysis, the RUNE price is moving in the supply zone of the market structure, and the oscillators are giving contrasting views. There is a slight rise in the 24h volume which suggests the token is being actively exchanged among buyers and sellers. Furthermore, price action indicates there is a strong probability of a correction.

Technical Levels:

Support –$0.500

Resistance – $1.200

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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