RUNE Technical Analysis: Last Stand Against the Downtrend at $9

THORChain was initially funded by an initial DEX offering (IDO), which was launched via Binance DEX in July 2019. The mainnet was launched in January 2021. However, a multi-chain upgrade has been scheduled for 2021.

As per a representative from THORChain the platform does not have a CEO, founder, or director. GitLab is responsible for the continued development of the platform.

Let us now have a look at the technical analysis of THORChain.

Past Performance of RUNE

The increasing bearish sentiment in the crypto-verse affects the RUNE coin prices drastically. The coin price falls below the support zone near the $11.5 mark. Moreover, the continuous formation of the bearish candles in the daily chart results in a downfall of more than 20% in the past four days. 

RUNE Technical Analysis

The 45% increase in the intraday trading volume indicates a rise in selling pressure in RUNE coin price. This may shortly result in a downfall to the $6.5 mark with a short retracement near the $9 mark. 

However, the Pivot Points indicate a possibility of a downfall to the $3 mark upon the fallout of the $9 pivot level. And, on the upside, the $12 and $18 marks are potential supply levels in case of a bullish reversal from the $9 mark.

The RSI slope falls below the halfway mark in the daily chart and can shortly approach the oversold zone. Hence, the RSI indicator hints at the possibility of a bullish reversal in RUNE coin prices near the $9 mark. 

The MACD and Signal lines fall from the heights of the positive zone to the zero-level mark in the daily chart. Hence, the lines can shortly enter the negative area while the lines maintain a bearish signal. Therefore, the MACD indicator gives a sell signal.

Upcoming Trend

As per the technical analysis of THORChain, the increase in selling pressure in the RUNE coin price invites more traders with bearish intent. However, the support zone near the $9 mark, coinciding with the pivot level, has the potential to reverse the trend.

Moreover, the RSI slope approaches the oversold zone, which may soon show saturation in selling pressure. 

Hence, traders can find selling opportunities at current prices till the $9 mark with low quantity and trailing stop loss. And, upon the $9 breakout, traders can increase the leverage.