THORChain (RUNE) Sees Minimal Recovery But Stays Subdued

The THORChain token has appeared on today’s list of daily crypto movers, ranking second after recording a general price increase of 6.66%. Nevertheless, the token’s price action remains below important technical levels that may limit bullish progress. Without further ado, let’s delve into the details below.

RUNE Statistics:

THORChain’s Current Price: $1.282

Market Capitalization: $448.23M

Circulating Supply: 351.72M

Total Supply: 426.03M

CoinMarketCap Rank: 133

Key Price Levels:

Resistance: $1.500, $1.750, $2.000

Support: $1.032, $0.782, $0.532

THORChain Prints Too Minimal a Gain

The RUNE daily market has indeed recorded some price increases, but these gains are quite minimal. Even though price action in this market has an upward trajectory, it still appears quite subdued since it lies below key technical landmarks. The market has had a general downward trend since its price action hit above the $7.50 mark. However, since then, the market has fallen to as low as $1.282.

Also, the ongoing minimal upside retracement has been ongoing since the past two sessions, yet lies below all the Moving Average (MA) lines on the chart. Nevertheless, the Stochastic Relative Strength Index (RSI) lines have been rising more quickly into the overbought region. Consequently, this suggests that price action still hints that we may see a continued upward retracement here.

RUNE Market Surpassing Important Short-Term Levels

Price activity in the THORChain 4-hour price chart can be seen to have started rising past the MA lines. However, the price candle here too maintains the impression that price activity has continued to print minimal gains. The last green price candle on this chart has risen past the 20-day MA lines. Meanwhile, the Stochastic RSI lines as well have recently delivered a bullish crossover above the 70 mark of the indicator.

Technically, this aligns to suggest that price action may progress upwards as bullish momentum builds up. Even the 20- and 50-day MA lines seem susceptible to convergence and a crossover below price actions. Consequently, this may at least cause this market to breach the $1.500 mark and possibly approach the $2.00 price level.

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