RUNE Technical Analysis: Dynamic Oppressor 50-SMA Fuels Downtrend

RUNE price action showcases a bullish failure to surpass the resistance trendline teasing a potential reversal to the $1.50. Key technical points: RUNE prices have decreased by 10.26% in the last 24 hours. The price action shows the potential double top formation teasing a drop to $1.81. The 24-hour trading volume of Thorchain is $94 Million, indicating a decline of 30%. Past Performance of RUNE The RUNE price action shows a downward trend after failing to surpass the supply zone at the $4 mark. The bullish failure leads to a downward trend under the influence of a resistance trendline and accounts for a 60% drop to $1.5. However, we can see a bullish retracement challenging the resistance trendline. But the confluence of the resistance trendline and the 50-day SMA results in another bullish failure. Source- Tradingview RUNE Technical Analysis The RUNE price drops by 5% today and teases a double-top formation at $2.4, potentially leading to a 30% drop to test the $1.50 support level. Hence traders looking for selling opportunities can find multiple entry points at the current market price. The vertex indicator shows the VI lines ready for a bearish crossover indicating a trend reversal in the technical chat. Therefore, the technical indicator supports the idea of a double-top formation leading to a bearish retracement. The stochastic RSI indicator shows the K and D lines failing to sustain in the overbought territory leading t...