Thorchain (RUNE) Tanks Amid Selling Spree, Eyes Further Decline

The Thorchain coin (RUNE) price is exhibiting a bearish trend and trading below significant moving averages. The coin has retested its support zone of $5 and faces a potential selloff, with indicators like the price-to-volume profile, price volatility, and RSI curve suggesting negative sentiment. However, analysts remain neutral and believe that RUNE may hold its current support level and experience a bounce soon.

Thorchain (RUNE) Price Analysis: Selling Pressure Mounts Amid Downtrend

The Thorchain (RUNE) cryptocurrency has been experiencing substantial selling pressure in recent trading sessions, hovering around the critical 200-day Exponential Moving Average (EMA) mark at $5.26. This indicates a bearish trend, as buyers have lost strength and are struggling to hold above the $6 support level.

The selling momentum has been relentless, with RUNE retesting its support zone of $5. However, a brief respite occurred as the bulls held the 200-day EMA mark, providing temporary support. Nevertheless, the selling pressure remains strong, with the coin price trading above the neutral region but facing the possibility of a significant pullback.

At the time of writing, RUNE is trading at $5.26, reflecting a 5.56% intraday drop and demonstrating neutrality on the charts. The monthly return ratio for RUNE stands at -49.37%, while the yearly return ratio is 208.78%. The RUNE/BTC pair is currently valued at 0.0000814 BTC, and the market capitalization is approximately $1.58 billion.

Analysts generally maintain a neutral outlook for RUNE, suggesting that the coin may attempt to hold the 200-day EMA and potentially experience a bounce. However, the overall sentiment is negative, with investors concerned about the selling pressure and the possibility of further declines.

Price-to-Volume Profile Indicates Profit Booking and Buyer Weakness

The price-to-volume profile of RUNE showcases the profit-taking behavior of investors and the weakening grip of buyers, resulting in selloffs. The coin has retraced to the 200-day EMA, indicating a shift towards seller dominance. Intraday trading volume has spiked by over 42.89% to reach $1.58 billion, signifying investor interest despite the bearish trend.

Price Volatility and Sentiment Analysis Reflects Bearish Sentiment

RUNE's price volatility curve has witnessed a spike of over 12% to reach 0.069, indicating heightened investor speculation amidst the significant selloff. The weighted sentiment remains close to the neutral zone at -0.0071, suggesting mixed emotions among investors.

Social Dominance and Social Volume AI Overview

RUNE's social dominance has declined by 31.90% to 0.131%, indicating a decrease in discussion volume on social media platforms. Similarly, the social volume AI value has remained relatively flat around 2, indicating a lack of significant social media engagement.

Development Activity and Contributors Count Show Average Movement

The development activity data for RUNE has exhibited average movement, staying below the midline around 0.19. This suggests a neutral outlook in terms of the coin's technical development. The contributor count has also remained average at around 1.

Technical Analysis Indicates Negative Outlook

Based on Fibonacci levels, RUNE has retested the 23.6% zone, confirming a bearish outlook. The Relative Strength Index (RSI) curve is below the neutral midline, indicating oversold conditions. A rebound was recently observed from this region near 32, but the overall trend remains negative.

Market Position and Technical Levels

RUNE's total supply is 500 million, and its volume-to-market cap ratio is 0.564. It ranks 57th in terms of market capitalization within the global cryptocurrency market.

The immediate support levels for RUNE are $5 and $4.70, while the resistance levels are $5.80 and $6.30. A breach below the critical support level of $5 could trigger further sell-offs and accentuate the bearish trend.

Conclusion

The price of RUNE has exhibited a strong bearish momentum, trading beneath key moving averages and facing significant selling pressure. The coin is nearing a crucial support zone at $5, which could be tested in the upcoming sessions. Technical analysis suggests a negative outlook, with the RSI curve indicating oversold conditions and the Fib levels confirming a bearish trend. Investors should exercise caution and consider the market's bearish sentiment before making any investment decisions.