The cryptocurrency market has recorded a strong bullish reversal by adding 5.52% to its global valuation following the release of the US CPI report for the month of April. Moreover, the price of Bitcoin has successfully reclaimed the $65K mark after recording a jump of 6.87% in its portfolio.
On the other hand, the THORChain (RUNE) price has jumped 15.01% and a trading volume of $465.114 (+46.54%) within the past day, making it one of the top gainers in the top 100 cryptocurrencies by market cap. Will the RUNE price hit $10 this month?
After displaying a bearish price action for about a week by losing 17.65% in valuation. The THORChain price has recorded a significant rise in the buying-over-selling pressure overnight, highlighting a strong bullish reversal in the crypto market and the possibility of a fresh bull market.
The THORChain token has added approximately 5% today and is on the verge of testing its important resistance level of $6.575, the outcome of which is uncertain.
Furthermore, the EMA 50-day records a bullish crossover in the chart, suggesting a positive outlook for the RUNE price in the coming time.
The Relative Strength Index (RSI) has surpassed the mid-point displaying a significant rise in the chart and further highlighting a positive reversal in the price action. Moreover, the averages show a bullish curve in the 1D time frame, suggesting the price will continue gaining value in the coming time.
If the market pushes the price above its resistance level at $6.575, the bulls will regain momentum and prepare to test its upper resistance level of $8.250. Maintaining the price at that level will set the stage for the RUNE coin price to test its upper high of $10 in the coming time.
Conversely, if a bearish trend reversal occurs, the bulls will lose momentum and the THORChain price will plunge toward its important support level of $4.750 this month.
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