RUNE Technical Analysis: Crucial Support at $3.5 Under Bearish Attack

The RUNE coin price approaches the crucial support level of 2021 at $3.5. Will the crashing crypto market discount THORChain below $3? The THORChain protocol is an open-source liquidity platform that allows users to trade crypto assets over a variety of networks without losing control over their assets in the process. With THORChain users are able to switch one asset to another in a non-permissionless manner and not rely on order books to obtain liquidity. Instead, prices of the market are maintained by how many assets are within the pool. Let us move ahead to read about THORChain technical analysis. Past Performance of RUNE The RUNE coin price tanked more than 45% in the past two weeks, resulting in multiple bearish candles in the daily chart. The selling pressure is evident by the lack of a single bullish candle in the downfall. The price rests close to the $3.5 mark, the crucial support level has pushed the price higher multiple times in 2021. RUNE/USD Daily Chart RUNE Technical Analysis The RUNE coin price shows lower price rejection near the $3.5 support level, visible by the long tail formations. However, the boom in selling pressure in the seller’s-driven market might soon result in the collapse of this annual support level. The crucial Exponential Moving Averages (50, 100, and 200) in THORChain price chart achieve a bearish alignment with the recent 100 and 200-day EMAs crossover. The RSI Indicator at 26% reflects the ...