Convergence

THORChain

Divergence

The post <a href="https://coinpedia.org/price-analysis/thorchain-price-loses-momentum-will-bulls-hold-rune-price-above-its-crucial-support/" rel="noopener noreferrer nofollow">THORChain Price Loses Momentum! Will Bulls Hold RUNE Price Above Its Crucial Support?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
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 <a href="https://coinpedia.org/price-prediction/thorchain-rune-price-prediction/" rel="noopener noreferrer nofollow">RUNE price</a> 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.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/aUX5EHpBFVMP2W99DWyEnPU97cfDBwtW0Gn7GnhzDC5GHb0XQuwPHqkyTCOvfmU-AIiOmBh1SJUZpzNkhkLjBAAlm3KQ2kN4eOcZ3RYRH6PFDyI-WsWkNJ_CTuIxF9RH5GKii0UYWGHj0oNqUqNQCJ8" alt="THORChain Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: RUNE/USDT
 </figcaption>
</figure>
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.
<h2 class="wp-block-heading" id="h-will-rune-price-regain-value">Will RUNE Price Regain Value?</h2>
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.

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

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