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Cryptoknowmics 2022-05-19 06:33:19

RUNE Technical Analysis: Bearish Turnaround Hints Fall To $2

RUNE prices take a sharp reversal by forming an inverted rounding bottom pattern and teasing a fall to the psychological mark of $2. Key technical points: RUNE prices get rejected above $3. The RSI values showcase a bullish divergence. The 24-hour trading volume of Thorchain is $96 Million. Past Performance of RUNE RUNE prices have maintained a falling trend since last month within a bearish parallel channel resulting in a fall under all the crucial EMAs. Starting from $12, the prices failed to sustain above the $10 barrier resulting in a prolonged selling driving the market value under $3. Source-Tradingview RUNE Technical Analysis The recent bullish reversal in RUNE prices from the descending support trendline resulting in a retest of $3.75, failed to sustain the buying pressure. The rejection is evident in 20% rejection in the last three days resulting in an inverted rounding bottom pattern, with a neckline at $2.95. Following the recent death cross (50-day EMA crossing below the 200-day EMA), the 100-day EMA follows the bearish pattern and acquires the bearish alignment. The newly found falling trend makes the EMAs solid bearish levels, ready to keep bullish growth in check. With the 14-day SMA providing dynamic resistance, the RSI values continue to fall and .take a dip into the oversold zone. However, the recent reversal brings a retest to the average line above the oversold boundary. The MACD and signal lines abide by l...

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