Here we can see THORChain sandwiched in-between EMA89 and EMA55. The action is not happening above EMA89 but this shouldn't be considered bearish, more like "we are not there yet." Or, "still consolidating but with a bullish bias."
The bias is bullish because the low came in early February 2025. So that is more than 5 months ago. A bearish trend or bearish continuation would require lower lows in those 5 months. The fact that after the low in February there was a small recovery and this recovery ended as a higher low on the retrace, means the downtrend reached its end. Since the downtrend is over, we are seeing consolidation, accumulation before the market turns. The turning is the bullish cycle, the uptrend. And we are in the process of seeing this change materialize into the market, price and chart.
The minimum target is the "baseline level" between $7.44 and $6.20. The target to aim for should be $18 and if you are feeling optimistic then $28. I've seen this project grow incredibly strong in the past so I wouldn't be surprised if it ends up moving even higher.
This is a simple chart. What goes down, must come back up; specially when we are talking about Crypto. The best financial market in the whole world. Young, but highly profitable. Risky? I don't know... It is risky to be young. But the potential rewards make up for any risk the market carries. We can take risk when we are young. We should. You play it safe because you are old. No risk, no fun. Plan ahead, success is yours.
Namaste.
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