Price Analysis View Non-AMP

RUNE Price Analysis: RUNE Avoids Bear Trap, Soon To $2?

Published by
Sohrab Khawas

The RUNE price action displays a phenomenal rising channel pattern in the daily chart. Following the 90% jump in August, the Thorchain coin price continues to sustain a bullish trend in motion. 

Currently, the altcoin displays a year-to-date growth of 33% despite a highly volatile year. Due to such sharp moves and the overall positive trend, the RUNE price prediction sustains a bullish outlook in the coming months.  

The RUNE price is currently trading at $1.68 and tests the 38.20% Fibonacci level. Furthermore, the Thorchain prices recently took a bounce from the support trendline while making a long tail formation to avoid a downfall. 

With such a long tail candle and the intraday jump of 2.75%, the price action displays a morning sharp pattern ready to reclaim the 50-day EMA. Considering the prices managed to sustain above the 50-day EMA, the buyers prepare for a bullish trend to challenge the overhead resistance trend line.

Such a bullish reversal in RUNE price within the channel sustains the uptrend possibility. 

Technical indicators:

RSI indicator:  The daily RSI line moves sideways as the market value takes support and prepares for a bounce back. However, the RSI fails to showcase any bullish divergence. 

EMA: The 20-day EMA provides a cushion to avoid a downtrend continuation and pumps the RUNE price above the trendline. Following the golden crossover, the 50-day and 200-day EMAs maintain a positive alignment. 

Will RUNE Price Sustain Above The 50-Day EMA?

Considering the bullish momentum manages to restart the bull positive cycle, the uptrend may face opposition at $1.86 and $2.15. On an even more optimistic note, the overhead trendline breakout can fuel the breakout rally to $2.50.

On the flip side, a bullish failure leading to the trend line breakout will test the 200-day EMA close to the psychological mark of $1.50.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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