THORChain (RUNE) recovers 18%, bearish trend persists
- THORChain (RUNE) saw an 18% increase after a 33% drop.
- The price recovered quickly, indicating weak seller dominance.
- The short-term market outlook remains uncertain, as consolidation is likely.
THORChain: Brief Recovery After Sharp Decline
After a significant 33% drop, THORChain (RUNE) gained 18% within 24 hours. This rapid rise shows that sellers have not taken control of the market. The recovery is a positive sign, but it remains to be seen if the bulls can use this momentum to push the price further upward.
Market Structure: Bearish Tendencies Despite Recovery
Since August, the price of RUNE has been in an uptrend. However, this trend was interrupted on November 4 when the price of Bitcoin (BTC) fell to $66,800. This led to strong selling pressure on RUNE, pushing the price from $6.30 to $4.22. This 33.3% drop shifted the market structure in a bearish direction. Particularly concerning was the breach of the support zone at $4.50.
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Liquidity Drivers: No High Selling Volumes
A look at the liquidation heatmap chart shows that RUNE’s decline was mainly triggered by the liquidation of positions around the $4.50 level. There were no significant selling volumes in the spot market, suggesting that the drop was more liquidity-driven. The rapid rise following the decline indicates that the market responded to this liquidity movement.
Outlook: Consolidation Before the Next Move?
Currently, there are no clear liquidity pools that could pull RUNE’s price in any particular direction in the short term. However, the area between $5.80 and $6.20 could be of interest, as new liquidity may be building up there. It is likely that the price will consolidate below $6 for now before seeing another upward movement. This consolidation could be used to liquidate short positions.
Our Assessment
THORChain’s rapid recovery shows that sellers have not gained the upper hand. However, the short-term outlook remains uncertain. A consolidation below $6 seems likely before further price movements occur. Investors should keep an eye on market structure and liquidity developments to identify potential opportunities.
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