- THORSwap’s native token, THOR, surged nearly 300% in value last week.
- THOR’s value declined over 10% following Messari’s post publication.
- THOR’s 50-day EMA line may intersect the 200-day EMA line.
Messari, a leading on-chain analytics platform, underscored the remarkable price surge of THOR in a recent tweet. The post indicated that THORSwap’s native token had experienced a nearly 300% increase in value over the previous week.
Following the post’s publication, the altcoin’s value has experienced a decline of over 10%, as per CoinMarketCap data. As of the latest update, THOR is trading at $0.368, reflecting a 24-hour depreciation of 10.82%.
Analyzing from a technical standpoint, THOR’s valuation surpassed multiple crucial resistance thresholds within the previous week. The price of the altcoin initially overcame the $0.204915 resistance, which turned into a support level on August 10, 2023. THOR maintained its bullish trajectory in the ensuing days, effortlessly surpassing the next significant resistance level pegged at $0.271030.
The upward trajectory of THOR began to decelerate after it concluded a daily trading session above a crucial price level on Saturday. Nonetheless, within 48 hours, the digital asset’s price soared to $0.874703. This sudden price surge triggered a wave of selling pressure, eventually driving the altcoin’s price back beneath the resistance levels of $0.681715 and $0.396555.
It’s worth highlighting that an irregularity was observed in the Relative Strength Index (RSI) on THOR’s daily chart. The previous week, the RSI dramatically soared into the overbought zone, peaking at an impressive 90.93. However, it has steadily declined since hitting this zenith, indicating a potential momentum shift towards the bears in the imminent days.
However, the 50-day Exponential Moving Average (EMA) line was poised to intersect the 200-day EMA line. If this crossover occurs, it will activate a substantial bullish technical indicator known as the Golden Cross. This suggests that the momentum for the forthcoming months will lean towards the buyers. Indeed, it could signify that the altcoin has embarked on its bullish phase.
Should this optimistic outlook be confirmed, THOR’s value could reestablish itself above the resistance level of $0.681715. Persistent purchasing support in the subsequent months after surpassing this resistance level could propel the altcoin’s value to reach its historical peak beyond the $2 threshold.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
