Thorchain is a 100% autonomous and decentralized open-source liquidity protocol. It facilitates users to make crypto deposits and earn higher returns from yield farming. Users can also execute swap transactions on the Thorchain platform using web and desktop interfaces. RUNE is the customized token of this ecosystem. Please see the following technical analysis for RUNE. Past Performance On Jun 14, 2021, RUNE opened at $8.33. On Jun 20, 2021, RUNE closed at $8.38. Thus, in the past week, the RUNE price hasn’t increased much. In the last 24 hours, RUNE has traded between $6.91-$8.45. https://ift.tt/2UqO4gR Day-Ahead and Tomorrow Currently, RUNE is trading at $7.52. The price has decreased from the day’s opening price of $8.38. Thus, the market seems bearish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to decline further. Currently, the RSI indicator is at 41%. It faced rejection at 38% and rose to the current level. Hence, buying pressures are slowly building. However, it is too early to determine if the RUNE price rise is temporary or the beginning of a bearish trend reversal. However, the OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. High selling activity will exert downward pressure on the RUNE price. In short, when we look at all three oscillators together, we can say that the overall market momentum is negative. However, intermittent price rises can be expected as a market corrective action. If the price goes on increasing for a few hours, then probably a trend reversal has occurred. RUNE Technical Analysis Currently, the price is below the Fibonacci pivot point of $7.91. It may soon fall below the first Fibonacci pivot support level of $7.48. If the bears remain strong, then the price may fall below the subsequent support levels of $6.96 and $6.37, respectively, in some time. The price has tested and fallen below the 38.2% FIB retracement level of $7.50. The price may soon fall below the 23.6% FIB retracement level of $7.27 as well. Thus, as of now, the price downtrend is strong and may sustain till tomorrow.
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