{"id":440291,"date":"2024-11-07T09:30:38","date_gmt":"2024-11-07T04:00:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=440291"},"modified":"2024-11-06T19:13:57","modified_gmt":"2024-11-06T13:43:57","slug":"thorchain-rebounds-18-in-a-day-after-33-pullback-whats-next","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/thorchain-rebounds-18-in-a-day-after-33-pullback-whats-next\/","title":{"rendered":"THORChain rebounds 18% in a day after 33% pullback: What&#8217;s next?"},"content":{"rendered":"<ul>\n<li><em>THORChain had fallen below the past month&#8217;s demand zone at $4.5.<\/em><\/li>\n<li><em>Its quick recovery showed that sellers were not dominant.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/predictions\/thorchain-price-prediction\/\" target=\"_blank\" rel=\"noopener\">THORChain [RUNE]<\/a> was up by 17.15% in 24 hours and bullish belief has swept the crypto sphere after <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> made a new all-time high against the U.S. Dollar, reaching $75.4k.<\/p>\n<p>The volatility on Monday saw an intense bearish reaction from the market, but the bulls were quick to quell the fears of a bearish reversal.<\/p>\n<p>The price was above the $4.76 level and was a good short-term sign, but can the bulls build from this?<\/p>\n<h2>Bearish market structure break for THORChain<\/h2>\n<figure id=\"attachment_440307\" aria-describedby=\"caption-attachment-440307\" style=\"width: 1940px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price.png\"><img decoding=\"async\" class=\"size-full wp-image-440307\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price.png\" alt=\"RUNE 1-day Chart\" width=\"1940\" height=\"1010\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price-300x156.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price-1024x533.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price-768x400.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price-1536x800.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-price-1200x625.png 1200w\" sizes=\"(max-width: 1940px) 100vw, 1940px\" \/><\/a><figcaption id=\"caption-attachment-440307\" class=\"wp-caption-text\">Source: RUNE\/USDT on TradingView<\/figcaption><\/figure>\n<p>On the daily timeframe, RUNE has been steadily trending higher since the sharp losses in August. It maintained that trend and bullish market structure until the 4th of November.<\/p>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a>\u00a0saw some turbulence and dropped to $66.8k after already facing rejection from $73.6k six days earlier.<\/p>\n<p>This rejection was followed by heavy selling pressure upon RUNE that took prices from June&#8217;s bearish order block at $6.3 to $4.22 within a week.<\/p>\n<p>It represented a 33.3% drawdown, and flipped the market structure bearishly.<\/p>\n<p>More worryingly, the base of support that THORChain built over the past month at the $4.5 region was breached. A mitigating factor was that the OBV was stuck within a miniature range.<\/p>\n<p>This was a sign that RUNE is more likely to trade within $4.5-$6.3 so long as the OBV remained within the outlined range.<\/p>\n<h2>Further clues of a range formation<\/h2>\n<figure id=\"attachment_440306\" aria-describedby=\"caption-attachment-440306\" style=\"width: 1475px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap.png\"><img decoding=\"async\" class=\"size-full wp-image-440306\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap.png\" alt=\"RUNE Liquidation Heatmap\" width=\"1475\" height=\"870\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap.png 1475w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap-300x177.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap-1024x604.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap-768x453.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/PP-4-RUNE-liq-heatmap-1200x708.png 1200w\" sizes=\"(max-width: 1475px) 100vw, 1475px\" \/><\/a><figcaption id=\"caption-attachment-440306\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.coinglass.com\/pro\/futures\/LiquidationHeatMapNew\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a><\/figcaption><\/figure>\n<p>The liquidation heatmap showed that the cluster of liquidity that had been building up around $4.5 was swept during the recent pullback.<\/p>\n<p>The sharp rebound from this region was a sign that the move was likely driven by liquidity and not by a wave of high selling volume in the spot market.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/thorchain-price-prediction\/\" target=\"_blank\" rel=\"noopener\">THORChain&#8217;s [RUNE] Price Prediction<\/a> 2024-25<\/p>\n<hr \/>\n<p>At present, there was not a clear liquidity pool that could attract RUNE. The $5.8-$6.2 region was of interest and could pull prices higher, but likely not immediately.<\/p>\n<p>It appeared more likely that RUNE would consolidate below $6, allowing time for short liquidations to build up, before climbing higher to hunt them.<\/p>\n<p><em>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It appeared more likely that RUNE would consolidate, allowing time for short liquidations to build up.<\/p>\n","protected":false},"author":57,"featured_media":440322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[6427],"class_list":["post-440291","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THORChain rebounds 18% in a day after 33% pullback: What&#039;s next? 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