Global crypto markets were trading nearly 6% lower as of writing this, with SOL one of the biggest crypto’s to fall during the session. Although RUNE and Waves fell over 12% during the session, they were both down by 20% on Thursday.
WAVER
WAVES was undoubtedly the largest gainer of March. From a low point of $10 it climbed to record heights of $64.
WAVES fell for six sessions consecutively and has now traded at a low of $30 after a two week period.
As of writing this, WAVES/USD dropped to an intraday low of $27.43 during Wednesday’s session, which is its lowest point since March 17.
Today’s drop means that prices are now almost 50% lower than at the same point last week, and comes as traders continue to dump the token following recent record highs.
Looking at the chart, today’s fall moved past support at $30, and looks to be in search of a durable floor, which could come at $24.
Price strength also lies within oversold territory relative speaking. The 14-day RSI tracking is at 40.5 which marks the lowest point since Feb 22.
Despite these falls, the WAVES indicator is still at the 21-level, which means that we could see more declines in the future.
We may be below $20 if bears continue to try and weaken it.
Thorchain (RUNE).
The RUNE indicator was another major mover at the close of April, although it has not yet shown any bullish signs.
After a high of $13.21, RUNE/USD dropped to $9.25 Wednesday, just a few days after it reached its highest point.
It is the lowest RUNE level since March 26th, and it comes after seven sessions of declining.
RUNE/USD – Daily ChartAlthough today’s decline has somewhat eased, RUNE is still down nearly 18% from Tuesday’s high, and is currently sitting at $9.35.
However, many expect prices to drop to $9.00 within the next few sessions.
The 14-day RSI currently stands at 50.30. This level has acted in the past as a floor. However, if this level is broken we could see more declines from RUNE.
Are today’s moves in RUNE and WAVES just a correction following recent highs? We’d love to hear your comments.
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