Dearest reader,
Welcome back for yet another great analysis, there is alot to unpack on the chart above so lets dive right in. Thorchain has seen a brutal crash/retrace of a whopping 87% since december regarding their financial situation around the thorfi hack. There is always something right? Ignore the FUD and look at the chart, it's screaming ''buy buy buy!''
Lets go through the chart from left to right.
1. Lower support line, has seen 5 confirmations so far, dating back all the way to 2020 (Small 1's)
2. Bullflag. Has seen 6 confirmations of this channel (green circles) and had a breakout in november 2023
3. Retest of BOTH 1 and 2, the upper line of the bullflag and also the support line since 2020
4. Stochastic RSI is oversold, sellers are exhausted, makes sense! it has seen a 87% drop allready. MFI has seen the lowest point in the history of this token (17) and has been moving back up. Note: Stochastic RSI is a lagging indicator and MFI is forward looking. Both look bullish
If the pattern from 2020 would repeat that could mean that by august this year we will see a price of 11 dollars yet again, that's a whopping 1100% from this point.
Target: 11/12$
Entry: 1$
Stoploss: 0.75$ (There is some support here, so even when this area is hit it might still bounce up.
~Rustle
Welcome back for yet another great analysis, there is alot to unpack on the chart above so lets dive right in. Thorchain has seen a brutal crash/retrace of a whopping 87% since december regarding their financial situation around the thorfi hack. There is always something right? Ignore the FUD and look at the chart, it's screaming ''buy buy buy!''
Lets go through the chart from left to right.
1. Lower support line, has seen 5 confirmations so far, dating back all the way to 2020 (Small 1's)
2. Bullflag. Has seen 6 confirmations of this channel (green circles) and had a breakout in november 2023
3. Retest of BOTH 1 and 2, the upper line of the bullflag and also the support line since 2020
4. Stochastic RSI is oversold, sellers are exhausted, makes sense! it has seen a 87% drop allready. MFI has seen the lowest point in the history of this token (17) and has been moving back up. Note: Stochastic RSI is a lagging indicator and MFI is forward looking. Both look bullish
If the pattern from 2020 would repeat that could mean that by august this year we will see a price of 11 dollars yet again, that's a whopping 1100% from this point.
Target: 11/12$
Entry: 1$
Stoploss: 0.75$ (There is some support here, so even when this area is hit it might still bounce up.
~Rustle
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.