THORChain

Time

Coin

<p>The <strong>THORChain (RUNE) </strong>token failed to accelerate beyond the bars and faced rejection from the 200-day EMA mark this week. Amidst the significant breakout, RUNE could not attain follow-on buying momentum.</p> 
<p>The RUNE token was trading inside a <strong>falling wedge pattern</strong> and persisted in displaying the lower low swings. The bulls gained strength and attempted to cross key hurdles this week.</p> 
<p>Interestingly, the token gave a breakout and reached its pivotal hurdle of $5 near the 200-day EMA mark cluster. From there, a meaningful rejection occurred, and the token took a turn back.</p> 
<p>However, the price action still guided the neutral projections, as RUNE had retested the 20-day EMA mark. The investors were in a dilemma. A follow-on selloff could come if the RUNE bulls failed to secure the $4 mark.</p> 
<p>Conversely, if <strong>RUNE </strong>reverses from the 20-day EMA mark and retains momentum above the $4.80 mark, it would cross the $5 mark. That might lead to a notable upmove ahead.</p> 
<h2 class="wp-block-heading" id="h-the-rune-price-at-press-time"><strong>The RUNE Price at Press Time</strong></h2> 
<p>When writing, the <a href="https://www.thecoinrepublic.com/price-prediction/thorchain/"><strong>THORChain</strong></a><strong> </strong>was trading at $4.20 with an intraday drop of 9.84%, reflecting neutrality on the charts. Its monthly return ratio was 3.40% and 347.20% yearly, reflecting short-term consolidation.</p> 
<p>The pair of RUNE/BTC was at 0.0000664 BTC, and its market cap was $1.29 Billion. Analysts were bullish and suggested that the <strong>RUNE price</strong> may regain momentum and soon cross the $5 mark.</p> 
<h2 class="wp-block-heading" id="h-can-thorchain-rune-succeed-in-crossing-the-5-mark"><strong>Can THORChain (RUNE) Succeed in Crossing the $5 Mark?</strong></h2> 
<p>This week, the<strong> THORChain price</strong> reached its most vital resistance mark of $5 and showed a fakeout on the chart. The mighty bears succeeded in trapping the bulls, and a reversal was noted.</p> <iframe loading="lazy" title="Santiment Chart: Price (RUNE), Volume (RUNE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=lido-dao&amp;pt=LDO&amp;df=2024-01-25T18%3A29%3A59.887Z&amp;dt=2024-07-25T18%3A29%3A59.887Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bthorchain%3BRUNE%5D%3B%5B1%3Bvolume_usd%3Bthorchain%3BRUNE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI curve reverted from the overbought zone and reached the midline. It noted a <strong>negative crossover</strong>, implying a change in the market dynamics.</p> 
<p>@CryptoNewton, in his X post, highlighted that it has made a butterfly formation, and the next leg would be toward the $10 mark.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="qme" dir="ltr"><a href="https://twitter.com/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RUNE</a> <a href="https://t.co/TQVSETM28O">pic.twitter.com/TQVSETM28O</a></p>— Shelby (@CryptoNewton) <a href="https://twitter.com/CryptoNewton/status/1816062378917695590?ref_src=twsrc%5Etfw">July 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The ongoing price action signified a sustained downward trend, and the investors were looking into a dilemma. A lack of clarity would exist until the $5 mark’s resistance was crossed.</p> 
<h2 class="wp-block-heading" id="h-total-liquidations-chart"><strong>Total Liquidations Chart</strong></h2> 
<p>Following the price cut of over 10% intraday, it triggered a surge in long liquidations. This liquidation event brought the <strong>RUNE </strong>price toward its vital 20-day EMA support zone.&nbsp;</p> 
<figure class="wp-block-image size-large is-resized">
 <img loading="lazy" decoding="async" width="1024" height="281" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-1024x281.png" alt="Liquidations Data | Source: Coinglass" class="wp-image-626192" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-1024x281.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-300x82.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-768x211.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-696x191.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135-1068x293.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-135.png 1376w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidations Data | Source: Coinglass
 </figcaption>
</figure> 
<p>When writing, the long liquidations were noted at $83k, whereas the short liquidations were noted at $1.20k. It meant that bears outpaced the bulls, and a significant decline could be anticipated.</p> 
<p>The immediate support levels for the <strong>RUNE token</strong> are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3</p> 
<h3 class="wp-block-heading" id="h-can-rune-retain-the-bullish-momentum"><strong>Can RUNE Retain the Bullish Momentum?</strong></h3> 
<p>The <strong>RUNE token price </strong>has retraced to the 20-day EMA mark. A fake breakout led the bulls to be trapped, and the token faced a significant price cut.</p> 
<p>Once it rescues the gains and comfortably holds gains above the 20-day EMA mark, it might cross the $5 mark again.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/26/thorchain-showed-a-fakeout-can-rune-bulls-cross-the-5-mark/">THORChain Showed A Fakeout: Can RUNE Bulls Cross The $5 Mark</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

THORChain Showed A Fakeout: Can RUNE Bulls Cross The $5 Mark

قائمة المحتويات

Thecoinrepublic.com

المزيد من المقالات نُشرت في ٢٧ يوليو ٢٠٢٤

Top 2 Cryptocurrencies Trading Under $0.1 That Can Rise To $2 In Bull Market: MoonTaurus (MNTR) a...

Polkadot Smart Contracts Bold Move: 1.6 Million Users Benefit from Enhanced Flexibility

Peter Brandt Hits Back At Schiff’s Bitcoin Comment

BlackRock’s Bitcoin ETF Sees Continued Inflows Despite Decline in Positive Market Sentiment

The implications of the Ethereum ETF and beyond | Opinion

Memecoins That Can Easily Make 30-50X in August: Meme Battle For Gains

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.