Reploy (RAI), Mantra (OM), and THORChain (RUNE) Trend as the Cryptocurrency Market Recovers

The cryptocurrency market has surged today, fueled by a 44% rise in trading volume over the last 24 hours. This comes after Thursday's decline in market activity

Cryptocurrency markets saw a surge on Friday, with a 44% increase in trading volume over the last 24 hours, following Thursday’s decline in market activity.

As the market recovers, several altcoins are trending, including Reploy (RAI), Mantra (OM), and THORChain (RUNE).

Rising selloffs accompany a 4% price decline for RAI token over the last 24 hours. This price dip is further highlighted by a 10% spike in daily trading volume. When an asset’s price drops while its trading volume rises, it usually indicates heightened activity in the market.

This divergence suggests increased market volatility and the potential for further downward pressure. As the selling activity intensifies, we could see RAI’s price drop toward $3.76. Conversely, a resurgence in RAI demand could drive the token’s value up to $7.67.

Trading at $3.62, OM, the native coin of the real-world asset (RWA) Layer-1 (L1) blockchain Mantra is another asset trending today. It showcases a 1% price hike in the past 24 hours. However, this slight uptick only mirrors broader market gains as selling activity remains evident in the OM spot markets.

This activity is confirmed by readings from the Elder-Ray Index, which is at -0.12 at press time. The Elder-Ray Index is an indicator that measures the strength of an asset’s bulls and bears by comparing the high and low prices to an exponential moving average (EMA).

When the index is negative like this, it indicates that bears are dominating the market, suggesting downward pressure and a bearish trend. If this trend persists, we could see OM’s price fall to $3.10. However, on the flip side, if the bulls regain market control, they could drive the coin’s price toward its all-time high of $4.63.

THORChain’s RUNE is currently trading at its lowest price since October. Over the last 24 hours, its value has dropped by 19%. At $2.40, RUNE is sitting below the red line of its Super Trend indicator, signaling strong bearish pressure in the market.

This indicator is a trend-following technical analysis tool that helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility. When an asset’s price trades below the Super Trend line, it typically signals a bearish trend, indicating that the market is in a downtrend or that selling pressure is dominant.

If the downtrend continues, RUNE’s price could fall to $1.92. On the flip side, a resurgence in RUNE accumulation could drive its price to $4.17.