Thorchain and Oasis at Crucial Support Levels: Will Altcoins Bounce Back?

Thorchain (RUNE) and Oasis (ROSE) are testing key support levels after significant corrections. RUNE has dropped 80% in 60 days and is currently trading around $1.19, while ROSE has fallen 62% and is trading around $0.040. Both altcoins are showing resilience at these levels, and a breakout above the 100-day SMA could open the doors for a retest of the descending trendline. The MACD on both charts is bearish but showing signs of weakening momentum, indicating a potential reversal.

Thorchain (RUNE) and Oasis (ROSE) have experienced substantial corrections in recent weeks, with RUNE dropping 80% in 60 days and ROSE falling 62%. Despite these significant declines, both altcoins have shown resilience at their current support levels [1].

RUNE, the native token of THORChain, is currently trading around $1.19. The cryptocurrency has faced intense bearish pressure, with support at $2.00 critical for stability. THORChain's recent pause of its THORFi platform and the subsequent 32% drop in RUNE's price have added to market uncertainty, with low liquidity and weak sentiment [1]. However, RUNE's price recovery hinges on reclaiming the $2.25 resistance level. A breakout above this level could open the doors for a retest of the descending trendline.

The MACD on RUNE's chart is currently bearish but shows signs of weakening momentum, indicating a potential reversal [1]. Similarly, ROSE, the native token of Oasis, is trading around $0.040. The cryptocurrency has faced a 62% correction and is currently showing signs of resilience at this level. A breakout above the 100-day SMA could also open the doors for a retest of the descending trendline.

The MACD on ROSE's chart is also bearish but shows signs of weakening momentum, suggesting a potential reversal [1]. While both altcoins face significant challenges, their resilience at current support levels and the potential for a MACD reversal are positive signs for investors.

Sources:

[1] CoinMarketCap. (n.d.). Thorchain (RUNE) and Oasis (ROSE) Market Sentiment. Retrieved January 24, 2023, from https://coinmarketcap.com/alexandria/article/thorchain-rune-and-oasis-rose-market-sentiment