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Vikram
Apr 6, 2022
by Vikram

RUNE Technical Analysis: Trendline Collapses Under Bearish Pressure

RUNE
RUNE coin price experiences a bearish attack at $12.5, resulting in a downfall below the support trendline and approaching the $10 mark. 

Key technical points:

  • RUNE prices have decreased by 13.14% in the past 24 hours.

  • In addition, the 100 and 200-day EMA are on the verge of bullish crossover.

  • Finally, the 24-hour trading volume of Thorchain is $308 Million, marking a 21% rise.

    • Past Performance of RUNE

    RUNE coin price showcases a solid bull run from the $3.5 mark to the $12.5 high within a month, resulting in a support trendline. However, the sudden bearish reversal breaks below the support trendline and approaches the $10 mark with a slid bearish candle. Hence, the indicator may shortly test the 50-day EMA.

    TradingView Chart

    RUNE Technical Analysis 

    RUNE coin price has fallen by almost 18% in the last four days resulting in multiple bearish candles with long-range. Moreover, the fallout of the $10 barrier increases significantly and threatens a free fall to the $8.30 mark.

    As the Thorchain prices fail to continue the uptrend, the downfall approaches the 50-day EMA and delays the 100 and 200-day EMA crossover. 

    RSI Indicator: The RSI slope falls from the overbought territory and crashes below the 14-day average to hit the halfway mark. Hence, the downfall indicates the possibility of a decline below the $10 mark.

    MACD Indicator: The MACD and signal lines promote underlying bearishness with the recent negative crossover in the daily chart. Hence, the indicator gives a sell signal with the negative histograms and crossover. 

    The RUNE technical analysis underscores the decline prospect as the $10 fallout becomes imminent.

    Upcoming Trend 

    RUNE coin price experiences a surge in underlying bearish power and implies a downfall to the $8.30 mark and tests the 50-day EMA. However, if the crypto market fails to recover in the upcoming week, a dip to $7 is plausible.

    Support Levels: $8.3 and $7

    Resistance Levels: $12.5 and $15

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    RUNE Thorchain
    RUNE Technical Analysis: Trendline Collapses Under Bearish Pressure
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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