THETA and RUNE are trading over 10% lower to start the week, as recent declines in the crypto market extended during Monday’s session. At the time of writing, nearly 5% has been lost in global cryptocurrency markets.
THORChain – RUNE
BTC and ETH fell together, while RUNE dropped to a 3-week low in the first week of this week due to increased bearish pressure on crypto markets.
Following a high of $9.47 on Sunday, RUNE/USD fell to an intraday low of $8.06 during today’s session, as prices fell to their lowest point since March 25.
After trading close to $12 near the resistance a week earlier, RUNE fell below $8.08 today.
Looking at the chart, today’s move comes as price strength failed to move beyond the ceiling of 50, which then prompted bears to send prices lower.
With the momentum decreasing, price strength also fell. Both the 10-day- and 25-day moving Averages were preparing for a downwards crossover.
The Relative Strength Index, (RSI), is currently at its lowest point since February 27th. However, some people still anticipate further price drops.
Theta Network (THETA).
Like RUNE, THETA was also down by over 10% during Monday’s session, as it fell for a second consecutive session itself.
TODAY’S THETA/USD bottom was $3.03, its lowest point since March 25.
This support level at $3.30 caved in as prices fell for the ninth time in eleven sessions, as THETA’s value dropped by over 20% in the last week.
We are currently at the edge of a down cross between moving averages 10 and 25 days due to the price drop.
This could lead to more lows and bears will likely target the $2.65 mark as the next floor long-term.
Despite the fact that the 14-day RSI is at multi-month lows right now, if the floor of 40% gives way we could head to 34. This would be sufficient to hit the $2.65 mark.
Will bulls see today’s drop as a good opportunity to buy THETA and RUNE? We’d love to hear your comments.
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