The weekly chart shows that THORChain’s price has been in a steep downtrend since peaking at $7.50 in December. The decline followed the formation of a head and shoulders pattern, a well-known bearish reversal indicator.

RUNE has fallen below the 50-week and 25-week Exponential Moving Averages, as well as the key support level at $2.5560, its lowest swing from September 2023.

Now, RUNE is forming a bearish flag pattern, a typical bearish continuation signal. A further breakdown could be confirmed if the price drops below the critical support level at $0.7790, its lowest point in 2023.
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