THORchain Price Analysis: RUNE Whales Dumps The Prices Sharply Around 50% in a Month

Source: RUNE/USD on TradingView

The daily technical chart of RUNE displays a death cross resulting in a price fall below $4.80 support. According to Pivot points (FIB), RUNE’s crucial support level is $2.60. Conversely, if it moves up, the necessary resistance level to observe is at $4.80. Hence, while the intraday chart makes a Bearish Harami candlestick pattern, divining prices may soon reverse to the downside with average dependability.

The exponential moving average (EMA) composed of 50,100,200-MA can be a reliable support for currency price changes. However, investors can observe that the price moves below the orange line, ensuring a downward trend until the price stays below the MA-200. Also, a death cross is visible on the chart.

Volume of (3.778M) is beneath the MA of 20-days (8.316M). Selling pressure is average in RUNE, making its price remain in a negative zone. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The Stochastic RSI (oversold) with a value of K-0 D-0 presents a sell signal in the coin. Investors may observe a declining slant and a negative crossover in the index. It may recover from the bottom in future trading sessions.

THORchain (RUNE) Price Breaks Support Shows no Signs of Recovery  

The price of RUNE is $4.0, a loss of 9.0% in 24 hours and a weekly loss of 36.1%. In contrast, the market value is 1.088 billion US dollars. Technically, investors can notice that the price breaks below the $4.80 support and a death cross on the chart. Therefore, the Stochastic RSI indicator indicates a sell signal. On the token, trading volume is average. In addition, price movements may fall upto $2.60 in future trading hours.

Resistance level: $4.80

Support level: $2.60

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