Thorchain Stands Out

While the crypto market continues to bleed, the Thorchain token has managed a moderate upside retracement. However, price activity in this market remains below key technical levels but continues pushing toward an important resistance level. Let’s take a closer look at the market below.

RUNE Statistics:

Thorchain Current Price: $1.321

Market Capitalization: $456.77M

Circulating Supply: 351.95M

Total Supply: 425.88M

CoinMarketCap Rank: 116

Key Price Levels:

Resistance: $1.500, $1.750, $2.000

Support: $1.300, $1.000, $0.750

Thorchain Bulls Stand Against the Trend

Although RUNE’s price action has fallen below key technical levels, the ongoing session has recovered some upside ground. The corresponding price candle for this session appears more conspicuous and green, indicating renewed bullish activity. Consequently, the price candle is now testing the 20-day Moving Average (MA) line from below.

However, the Stochastic Relative Strength Index (RSI) lines can still be seen falling through the 80 mark of the RSI indicator. This downward movement may be attributed to the notable price retracement, which is currently testing support at the 20-day MA line.

RUNE Traders Stand Firm Against Market Headwinds

The recently formed green price candle in Thorchain’s 4-hour market appears more prominent, suggesting that bullish momentum is gaining strength. Despite this, price action remains below all the MA lines.

At the same time, the Stochastic RSI lines maintain their crossover integrity in the oversold zone, aligning with the current short-term trend in the market. This technically suggests that the token’s price has the potential to rise further. Therefore, traders may still aim for the $1.400 threshold.

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