THOR is grinding higher and reclaiming key levels

Ready for Thor’s thrilling comeback? Let’s dive in.

TLDR

• THOR experienced a significant move lower but found support at $0.135.
• THOR has reclaimed its main uptrend line and the $0.225 horizontal resistance.
• The next target is solidifying $0.225 as new support, potentially leading to a move to $0.29 in the short term.
• RSI remains in a healthy range, without bearish divergences, suggesting potential for further upward movement.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

Following the massive move lower a few weeks ago, THOR bounced off of its main horizontal support at $0.135. Since then, THOR has forced its way higher and now reclaimed two important levels. It’s now reclaimed its main uptrend line and got above the $0.225 horizontal resistance. 

What we’d like to see from THOR here is to flip the $0.225 horizontal level into new support. If we get this, this could help send THOR higher to test $0.29 in the short term. 

THOR 1D

RSI 

The RSI is not yet in overbought territory and, like price, has just pushed higher. Without any bearish divergences forming, THOR is in a spot where it could continue to move higher. We would, however, be cautious following a major move higher if one comes.

Cryptonary’s take

THOR looks good to go higher here. What you ideally want to see is the $0.225 level be hammered out as new support to make a move higher. Once this happens, it will likely lead to a more sustainable move higher. THOR might be able to hold up at higher price points. 

Action

• THOR could move higher from here to potentially test the $0.29 level.