Sunday, December 4, 2022

Biggest Movers: Tron Moves to 1-Week High, as Thorchain’s RUNE Nears Lowest Level Since January 2021 – Market Updates Bitcoin News

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Tron rallied during today’s session, as it headed towards a one-week high, following recent declines. This came as Thorchain’s RUNE continued to trade lower, with today’s drop pushing prices closer to their lowest point since January 2021.

Tron (TRX)

Tron (TRX) surged towards a seven-day week high during Thursday’s session, as prices rebounded following a recent decline.

Less than a day after trading at a bottom of $0.06955, TRX/USD rose to a peak of $0.07444 earlier in the day.

Today’s peak is the highest level prices have reached since last Saturday, and are slightly below May 13th’s high of $0.07650.

Biggest Movers: Tron Moves to 1-Week High, as Thorchain's RUNE Nears Lowest Level Since January 2021
TRX/USD – Daily Chart

So far this month, TRX has been one of the more volatile tokens, going from a peak of $0.09267 on May 8, to a low of $0.06304 only two days later.

Looking at the chart, the relative strength index (RSI) has mainly consolidated since that point, being held under a ceiling of 52.50.

As of writing this, price strength is still below this point, and unless we see a breakout of this level, we might see prices drop in upcoming days, despite today’s near 7% rise.

Thorchain (RUNE)

Besides both beginning with the letter “T,” there were no similarities between tron and thorchain (RUNE) on Thursday as far as market activity is concerned.

RUNE/USD was mainly lower during the session, falling close to its lowest point since January 2021.

Prices fell to an intraday low of $2.85 on Thursday, which is roughly $0.50 away from its sixteen-month low of $2.35 which was hit on May 12.

Biggest Movers: Tron Moves to 1-Week High, as Thorchain's RUNE Nears Lowest Level Since January 2021
RUNE/USD – Daily Chart

However, since hitting today’s bottom, prices rallied at the support level of $2.87, as they did the day after last week’s drop.

As of writing this, RUNE/USD is now trading at $3.15, with some bulls likely to attempt to push the token towards its resistance of $3.80.

In order for them to be successful in this upward push, there will need to be a surge beyond the ceiling on the 14-day RSI of 35.

Could we see RUNE climb towards $4.00 by the end of this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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