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. While falling by over 12% on the day, RUNE and WAVES fell by as much as 20% on Thursday.
WAVES
WAVES was easily one of the biggest gainers in March, as it rose from a low of $10, climbing to a now record high of $64.Since then, WAVES has been in free-fall, falling for six consecutive sessions, and is now trading at a two-week low below $30.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 is also within the oversold territory, relatively speaking, with the 14-day RSI tracking at 40.5, which is the lowest point since February 22.Despite this, we may still see further falls in WAVES, with the long-term floor of the RSI indicator located around the 21 level.Should bears look to weaken this even further, we may soon be tracking below $20.
Thorchain (RUNE)
RUNE was another big mover towards the end of last month that has so far struggled for bullish momentum in April.Following a peak of $13.21 just under a week ago, RUNE/USD fell to a bottom of $9.25 on Wednesday.This is the lowest level RUNE has fallen to since March 26, and comes as a result of seven consecutive sessions of declines.
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.Despite this, we could see the situation worsen, with many expecting prices to fall to the support point of $9.00 in the next few sessions.The 14-day RSI is currently at 50.30, which has acted as a floor in the past, however, should this level be broken, we may see further declines from RUNE. Are today’s moves in RUNE and WAVES just a correction following recent highs? Let us know your thoughts in the comments.
+ There are no comments
Add yours