THORChain (RUNE) Price Hints At A Uptrend To $10 Amid Bull Market!

Published by

Elena R

May 16, 2024

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?

RUNE Token On The Verge Of Testing Its Important Resistance Level:

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.

Will RUNE Price Go Up?

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.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.