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

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 27, 2024

Cardano Shows Signs of Recovery in Price Chart

Expert’s Top Crypto Choices for Summer: NEAR Protocol, Notcoin, Render, and …

How High Shiba Inu Could Rise if it Surges 27,000,000%

Bitcoin forming ‘massive’ bullish wedge pattern as trader eyes $85K

Solana Experiences Significant Growth in 2024

Winklevoss twins disinvited from White House crypto roundtable for endorsing Donald Trump

Join our free newsletter for daily crypto updates!