10 June 2023 : In this article we will walk you through THORChain price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for THORChain, Is RUNE a good investment? THORChain support & resistance levels etc. But before diving deep into the RUNE technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,044,656,281,667. The total trading volume stands at $48,484,552,662. Bitcoin shares 47.73 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $25,697.04 level after a decline of -3.62%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -5.7 percent reaching to $1,745.07 during the previous 24 hours.
While publishing this blog, BNB traded at $236.28, following a price change of -9.98%within the same time frame. XRP the native coin of XRP is down by -8.37 and currently trading at $0.49. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of THORChain (RUNE)
|RUNE Resistance Levels||RUNE Support Levels|
|Resistance Level 1||$1.56||Support Level 1||$1.43|
|Resistance Level 2||$1.62||Support Level 2||$1.36|
|Resistance Level 3||$1.69||Support Level 3||$1.30|
According to Price Analysis Market Index, THORChain (RUNE) is trading at $0.94 with a trading volume of $36,574,077.00. However,RUNE has a price decline of -14.07% in the last 24 hours.RUNE price changes -20.71% over the week with a total market capitalization of $310,827,414.00 USD.
RUNE price analysis for 10 June 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the THORChain.
|Simple Moving Average (10)||1.51||Sell|
|Exponential Moving Average (10)||1.52||Sell|
|Simple Moving Average (20)||1.55||Sell|
|Exponential Moving Average (20)||1.55||Sell|
|Simple Moving Average (50)||1.69||Sell|
|Exponential Moving Average (50)||1.68||Sell|
The RUNE/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. The Relative strength index (RSI) for RUNE Coin is currently hovering at 39 for 14-days average line, which means RUNE is just recovering from a oversold condition. While RUNE’s Williams %R indicator is at -51.373 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The THORChain has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take RUNE price below the crucial support level of $1.43.
The value of RUNE is continuously dumping but it is expected that support levels at $1.43 and $1.36 will act as crucial points and bounce the trend line in the bullish zone