Impact

Resistance

Million

THORChain

<ul class="list-ic vertical">
 <li><span>1</span> <a>RUNE crypto is recovering on Tuesday after shedding nearly 17% in the last couple of sessions.</a></li>
 <li><span>2</span> <a>The THORChain crypto price surged nearly 4% intraday and was trading close to $7.79 at the time of writing.</a></li>
</ul>
<p>The RUNE crypto is recovering losses after losing steadily for the last two sessions. The bulls are attempting a recovery after losing nearly 17% in the last two sessions.&nbsp;</p>
<p>Moreover, the THORChain price noted a decline of nearly 30% in the last five intraday sessions. The dynamic support of 20-Day EMA could not help the bulls due to sharp selling from the higher levels and the price made a breakdown below it.&nbsp;</p>
<p>Earlier, the crypto witnessed a breakout above $5 level in the 1st week of March and surged, gaining nearly 100% by the following week. However, the bulls could not hold the gains and the price noted sharp selling pressure from the round level of $10 before declining.</p>
<p>Moreover, the bulls are attempting to recover after the recent price drop and are trying to maintain the price in a bullish zone. At the time of writing, RUNE price was up nearly 4% and was trading close to $7.79.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-rune-crypto-volume-dropped-in-the-recent-sessions-strong"><strong>RUNE Crypto Volume Dropped In The Recent Sessions.</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (RUNE), Volume (RUNE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=thorchain&amp;pt=RUNE&amp;df=2023-07-30T00%3A00%3A00.000Z&amp;dt=2024-03-20T18%3A29%3A59.820Z&amp;sat=shchcfg_hOTFUTWfTB1O&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2333bd5d%3B%236272b6&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe>
<p>The above chart illustrates a correlation between the price and volume change. The chart illustrates the <a href="https://www.thecoinrepublic.com/2024/01/03/rune-price-prediction-bears-held-the-current-resistance-strong/" target="_blank" rel="noopener noreferrer nofollow">RUNE price</a> noted a breakout in the first week of March which was followed by a massive rise in the volume. The average volume received jumped from $400 Million to nearly $1 Billion.</p>
<p>However, the last six sessions saw a sharp decline in the price due to which the volume received has dropped to $750 Million.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-development-activity-increases-can-it-leave-a-positive-impact-on-thorchain-price-strong"><strong>Development Activity Increases: Can It Leave A Positive Impact on THORChain Price?</strong></h2> <iframe loading="lazy" title="Santiment Chart: Development Activity (RUNE), Dev. Activity Contributors Count (RUNE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=thorchain&amp;pt=RUNE&amp;df=2023-07-30T00%3A00%3A00.000Z&amp;dt=2024-03-20T18%3A29%3A59.820Z&amp;sat=shchcfg_hOTFUTWfTB1O&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Bdev_activity_contributors_count&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A21%7D%2C%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe>
<p>Furthermore, the development activity reflects the level of activity in the form of undergoing projects and developments in the RUNE crypto and manifest the recent updates and changes occurring. The developer’s activity reveals that it dropped in January and February 2024.&nbsp;</p>
<p>It surged higher in March and has been in an uptrend so far. The rise in the developers activity and developers activity commit count exhibits a sustained growth in the THORChain cryptocurrency.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-rune-crypto-technical-overview-strong"><strong>RUNE Crypto: Technical Overview</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (RUNE), RSI 1d (RUNE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=thorchain&amp;pt=RUNE&amp;df=2023-07-30T00%3A00%3A00.000Z&amp;dt=2024-03-20T18%3A29%3A59.820Z&amp;sat=shchcfg_hOTFUTWfTB1O&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Brsi_1d&amp;wax=0%3B1&amp;wc=%23317945%3B%234f60ce&amp;ws=%7B%22node%22%3A%22area%22%7D%3B%7B%22__appliedInterval%22%3Atrue%2C%22interval%22%3A%221d%22%2C%22node%22%3A%22area%22%7D" scrolling="no"></iframe>
<p>The technical indicators imply a mixed outlook on a combined analysis of the oscillating indicators like RSI and MACD and the short-term and long-term moving averages.</p>
<p>At the time of writing, the relative strength index (RSI) was hovering near the mean line at 52.16 points. The 14-Day SMA line was placed at 70.18 points. Both the lines have made a bearish crossover and were headed downwards indicating that the short-term sentiments shifting towards the negative side.&nbsp;</p>
<p>Moreover, the THOR price has broken below the 20-Day EMA suggesting weakness in the short-term trend. However, the price still hovers above the 50 and 200-Day EMAs indicating a bullish trend was prevailing in the long term.</p>
<h2 class="wp-block-heading" id="strong-rune-crypto-price-prediction-march-2024-strong"><strong>RUNE Crypto Price Prediction March 2024.</strong></h2> 
<p><a href="https://in.tradingview.com/chart/RUNEUSD/w1LsPONx-Rune-Crypto/" rel="noopener noreferrer nofollow"></a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p>The short-term trend has weakened after the bears were successful in breaking below the 20-Day EMA. However, a continuation on the lower side is needed to shift the trend towards the bearish side. The short-term trend outlook has shifted from bullish to neutral side.</p>
<p>However, it may turn negative if the bears are able to break below the recent support of $7 level. Now, if the price breaks below the $7 level, it is likely to go as low as $6 and $5.</p>
<p>Also, if the bulls make a comeback at the CMP and the price rises after sustaining near the CMP. the crypto may again reclaim the higher levels of $10 and above if it surpasses $9.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>The RUNE crypto experienced a sharp drop after bulls failed to sustain the short-term gains near the $10 level. The price spiraled towards $7.8 level after suffering a rejection from a round level of $10.</p>
<p>The recent price drop has weakened the short-term trend and has turned neutral. Now, if the selling follows through, it may indicate a short-term trend shift towards the bearish side and the price may loom towards the lower levels of $7 and $6 levels.</p>
<h4 class="wp-block-heading"><strong>Technical levels:</strong></h4>
<ul>
 <li>Support Levels: $7.00 and $5.91</li>
 <li>Resistance Levels: $8.96 and $11.45</li>
</ul>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

RUNE Crypto Slumps Below 20 EMA: Can Buyers Make A Comeback?

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