RUNE coin price action struggles to rise higher within the falling channel after the 20% price jump. Will it give a Bullish Breakout?

THORChain employs a unique method to reduce the risk of "impermanent loss,” or the temporary losses that liquidity providers may experience while contributing to liquidity pools. To ensure that liquidity is always available, it uses a slip-based payment.

Let us now learn about the technical analysis of RUNE.
<h2>Past Performance of RUNE</h2>
The RUNE coin <a href="https://www.cryptoknowmics.com/news/rune-technical-analysis-last-stand-against-the-downtrend-at-9/">price action</a> forms a falling channel in the 4-hour chart after facing rejection near the $17 mark. The falling channel in motion results in a downfall of more than 40% since its inception. 

Moreover, the recent bullish retracement back to the resistance trend line brings another selling opportunity within the channel.

<img src="https://s3.tradingview.com/snapshots/j/Jy1pWX54.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/Jy1pWX54/">RUNE/USD Daily Chart</a>
<h2>RUNE Technical Analysis</h2>
The confluence area of the $9.5 support level with the support trend line pushes the RUNE coin prices higher. However, the prices struggle to reach the resistance trend line showing higher price rejection. 

Hence, the price action indicates further downfall in the channel. The pivot points indicate support levels at $9.40 and $7.5 marks. Furthermore, the resistance levels are at $13 and $14.75.

The RSI slope dips after crossing over the 50% line in the 4-hour chart, indicating a reversal back to the “nearly oversold” below the central mark. Hence, the RSI indicator forecasts a bearish reversal.

The MACD indicator still shows a bullish momentum in the 4-hour chart as the fast line is above the slow line while rising higher.

The Stochastic RSI gives a bearish crossover in the overbought zone in the 4-hour chart with no hints of a divergence. Hence, the indicator gives a sell signal for the RUNE coin.   
<h2>Upcoming Trend</h2>
THORChain, a decentralized liquidity protocol, allows users to exchange cryptocurrency assets across multiple networks without having full custody.

The downtrend gains momentum within the falling channel of the 4-hour chart. The collapse of multiple support levels showcases the bearish strength.

Hence, a bullish breakout seems complicated under present circumstances. However, the $9 support level is vital. Therefore, the chances are still alive.

Till then, bearish entries are profitable, with the next support level at $9 and $7.5.

RUNE Technical Analysis: The Falling Channel Continues, When Should You Expect a Breakout?

THORChain (RUNE) coin price action struggles to rise higher within the falling channel after the 20% price jump. Will it give a Bullish Breakout?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

RUNE Technical Analysis: The Falling Channel Continues, When Should You Expect a Breakout?

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