Head and Shoulders Chart Pattern Forms On RUNE/USD Daily Chart -Breaking
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The Head and Shoulders Chart Patterns on the RUNE/USD Daily chart- Over the last 24-hours and 7 days, THORChain has been down by double digits.
- For, the daily chart has been based on the reliable classic head and shoulder chart.
- On the daily RUNE/USD chart, a bearish EMA cross also formed.
According to CoinMarketCap’s crypto market tracker CoinMarketCap.THORChain(RUNE) has dropped by twice as much in the last 24-hours as it did over the previous 7 days.
The price of RUNE fell to $6.22 in 24 hours. This is 12.07% less than the previous day. The weekly price movements show that RUNE has fallen by 23.85% over the past 7 days.
RUNE’s market cap stands at $2,053,857,442, which places THORChain 46th on CoinMarketCap’s list of largest crypto market caps. Klaytn is below RUNE (KLAY), and above them with respective market caps at $2,066,912,119, and $2,022,142.950.
RUNE’s trading activity has seen a slight increase as it saw an 13.61% rise in its 24 hour trading volume, or $194,829 650.
Daily chart of RUNE/USD forms head-and-shoulders pattern (Source: TradingView).
The classic, reliable, and well-recognized head and shoulder chart pattern is beginning to appear on the RUNE/USD daily chart. This signals a bearish trend reversal. The price should then move further down.
It is possible that the price will reach $6.00 as a support level. This level was resistance in March, earlier this year. The price may drop below $6.00 and fall further below $5.00. If the price does not fall below $6.00, we could see it attempt to break the $9.00 resistance again.
Be aware that the bearish cross of death formed as soon as the 50 EMA was crossed above the 15 EMA. This might indicate that the price decline will continue to try and break the $6.00 support.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.
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