๐ Daily TA: THORChain (RUNE/USD) | 11-10-2021
Hodl, dear members of LeoFinance!
Today I would like to comment on the price chart of THORChain.
In the weekly chart (1W), RUNE/USD has formed a sequence of mid-size mixed (bullish and bearish) candlesticks: As can be seen from the chart, these candlesticks are almost at the same level, forming a consolidation. Thus, for now, from the weekly chart doesn't become clear in which direction the price will continue its journey.
If we look at the daily chart (1D) of RUNE/USD, the picture is not clear as well. The price of RUNE is currently consolidating at the 30-day Moving (MA 30) and the 90-day Moving Average (MA 90), and is slightly above the 360-day Moving Average (MA 360): As can be seen from the chart, all three MAs are moving sideways. This confirms that the market is in the phase of consolidation.
Interestingly, in the 4-hour chart (4H), the picture is a bit controversial as well. RUNE/USD has formed a Bullish Flag (common trend continuation pattern): However, the price still continues to move downwards within the Descending channel of the flag. That is why it is still not clear if this flag will be successful.
To be continued ...
As of the time of writing, one RUNE costs $7,622 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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