THORChain Price dive down; RUNE Price fell 17% on monthly basis

• THORChain Price fell 17% on a monthly basis and trading near to 52 week low.
• RUNE Price drops below 50 day EMA shows downtrend.
• The Thorchain crypto price forming a bearish pattern.

THORChain Price fell 17% on a monthly basis and slipped down by forming lower low swings. It eroded the returns generated in the past few months which has disappointed the long term investors. 

RUNE Price rejected 200 day EMA and also dropped below the 50 day EMA shows positional trend is in the downward direction. However, the price has gone far away from both the EMA due to that short term bounce is possible. 

RUNE crypto is in downtrend and approaching the 52 week low which will act as strong support in coming weeks. The trading volume is quite stable and volatility is low which is a perfect scenario for the speculative spikes. 

THORChain Price is trading at $1.103 with an intraday decline of -0.81%. The 24 hour volume to market cap ratio is 0.0399. The pair of RUNE/BTC is trading at 0.0000413 with an intraday decline of -0.72%. 

The chart structure of RUNE with the Bitcoin pair is also in strong downtrend and sellers seem to be highly active. At the mid of April, RUNE crypto price attempted to break out of the $1.700 hurdle. Sadly the attempt failed and prices witnessed sharp profit booking from the higher levels. 

Later, Prices begin to decline by forming lower lows and drops below the important support of $1.200. It hurted the sentiment and raises concern for the long term investors.

Will THORChain Price correction take halt at 52 week low

THORChain Price is continuously falling for the past 5 consecutive weeks. It shows the seller dominance on the higher levels. If the buyers are able to defend the $1.00 support then short term rebound is possible. However, the strength of the up-move will be doubtful till price is trading below both the EMAs. 

RUNE Price will pick up the momentum only after the breakout of the $1.400 hurdle. Till then price is expected to consolidate in a narrow range. On the other hand, If the sell off continues and prices drop below $1.00 the next phase of downfall will begin. 

The technical analysis suggests, RUNE Price is in bear grip but it has corrected a lot. Therefore, Buyers will try their best to defend the 52 week low.

RUNE Price: No signs of recovery is visible

RUNE Price dived down and formed bearish patterns on multiple time frames. If the market leader Bitcoin and Ethereum price recover then it may positively impact the price of other Altcoins. However as of now, price action does not show any sign of recovery which is a matter of concern. 

The technical indicators like MACD curve intersect with EMA line and sloping sideways. It indicates prices might consolidate for some time near the demand zone. The RSI at 27 denotes price is into oversold territory and a surprising rally may trigger. 

Conclusion

THORChain Price fell 17% on a monthly basis and is approaching the 52 week low. It formed a bearish pattern on multiple time frames and no signs of recovery are visible. However, The technical analysis suggests price has corrected a lot and is near to the oversold territory. Therefore, the downfall might take a halt near to the 52 week low. 

Technical levels

Resistance levels: $1.400 and $1.700

Support levels: $1.00 and $0.800

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.