THORChain (RUNE) had begun an upside move in the recent timeframe; however, the bulls could not be sustained as the cryptocurrency fell towards bearish pressure in the market. At the time of writing, THORChain is standing at a price level of $5.54. The price has declined by 5% in the past twenty-four hours while the trading volume has increased by 10%. The weekly performance of the cryptocurrency has also been subpar as it fell by more than 25%.

THORChain (RUNE) technical analysis

The market sentiment for the cryptocurrency is bearish. Out of the twenty-four technical indicators, fifteen are giving out a signal of sell with eight indicators standing at a neutral position and only three indicators giving out a bullish signal.

THORChain (RUNE) had been operating in a descending channel formation since May. The cryptocurrency has been oscillating inside the formation with high volatility but the volatility can also be observed to be declining. Currently, RUNE coin has entered a horizontal channel marked by minor resistance and support levels at the boundaries. The upcoming price action of the cryptocurrency will prove to be crucial for its future analyses. The technical currently indicate towards the continuation of the bearish trend in the market. The decreasing volatility also hints towards the stabilization of the price in a bearish trend.

What is THORChain (RUNE)?

THORChain is based on the blockchain of Cosmos – also dubbed as “the internet of blockchains”. THORChain aims to enable the cross trading of different assets in order to unlock liquidity in the market. The working of the network is similar to crypto exchanges where one asset can be exchanged for another but the caveat is that all of this is done in a complete decentralized manner. THORChain also has a decentralized exchange by the same name. The network can be regarded as the stepping stone towards total decentralization of the crypto space.