THORChain Price Loses Momentum! Will Bulls Hold RUNE Price Above Its Crucial Support?

The post THORChain Price Loses Momentum! Will Bulls Hold RUNE Price Above Its Crucial Support? appeared first on Coinpedia Fintech News

After trading sideways for a period, the THORChain price has recorded a correction of over 10% in valuation during the early trading hours today, making it the top loser in the industry for the day.

The THORChain token price traded in a consolidated range between $4.843 and $5.849 for a while, after which the bulls gained momentum and the price broke out of the range. However, the rally was short-lived as the price faced rejection at $6.455.

Following this, the price constantly traded under a bearish influence and erased all its gains from the pump. The RUNE price then traded in a closed range between $5.373 and $5.849 for a period, after which the price displayed constant volatility and traded between $4.843 and $5.849 for about a week.

TradingView: RUNE/USDT

As the market lost momentum, the RUNE token displayed a correction of approximately 20% in valuation. Following this, the price traded in a closed range between $4.347 and $4.843 for a while.

After multiple attempts, the price successfully broke out of the range, but the price faced rejection at $5.373, following which the RUNE price experienced a pullback within the range.

Since then, the price has been trading sideways, indicating a weak buying and selling pressure for the coin in the market. Recently, the price broke down its crucial support level, highlighting a rising bearish influence in the crypto space.

Will RUNE Price Regain Value?

The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating increased selling pressure in the market. Further, the averages show a bearish convergence, suggesting the THORChain price will continue losing value in the coming time.

If the bulls push the price above the resistance level of $4.347, the RUNE price will test its upper resistance level of $4.843 soon. Moreover, if the market continues to gain momentum, the THORChian price will prepare to test its resistance level of $5.373 by the week ahead.

Conversely, if the bears continue to hold power, the RUNE token will fall to test its support level of $3.588. Further, if the market continues to trade under a bearish influence, the price will plunge and prepare to test its lower support level of $3.