RUNE Crypto is Ready To Suge To $10, What Do Technical Charts Say?

• THORChain has witnessed a huge surge in its trading volume.
• The sentiment of the crypto is bullish, as per CoinCodex.

THORChain (RUNE) is a decentralized liquidity network that enables cross-chain swaps without intermediaries. 

It allows users to trade digital assets directly, participate in liquidity pools for rewards, and ensure minimal slippage through its “chaosnet” mechanism. RUNE, its native token, is used for exchanges, security, governance, and liquidity rewards.

The traded volume of THORChain has advanced by 105% in just the last 24 hours. It further resulted in a traded value of $333.029M, followed by a volume/market cap ratio of 14.77%.

ThorChain Crypto Derivatives Analysis

THORChain has experienced significant activity in its derivatives market. In the past 24 hours, the platform has seen a short liquidation amounting to $35.58K, while long liquidations have reached $201.16K. 

Additionally, the derivatives volume for THORChain has surged by 59.3% during the same period, indicating heightened trading activity. The open interest has also increased by 0.10%, demonstrating substantial trader engagement with the cryptocurrency.

RUNE Crypto Derivatives Analysis

The price of the RUNE cryptocurrency was demonstrating a strong upward trend, characterized by higher swing lows and advancing to higher levels. On the daily chart, the candlesticks have formed two robust bullish patterns, signaling a positive outlook.

This upward movement was further reinforced by a significant increase in trading volume, underscoring the strength of the price surge. Moreover, RUNE has successfully broken through key resistance levels and is sustaining above the breakout level.

Maintaining this position above previous resistance indicated a reliable and potentially enduring trend in the cryptocurrency’s performance.

RUNE/USD Chart by TradingView

The price of RUNE has surged above both the 50-day and 200-day EMAs, indicating a significant bullish trend. Notably, the EMAs are currently exhibiting a golden cross, further confirming the strength of this uptrend.

The MACD and the signal line were in a bullish cross, advancing firmly into a bullish trajectory. That was supported by forming bullish histograms on the daily chart, reinforcing the positive momentum.

The RSI also highlights the strength of RUNE’s price movement. It has broken above the 14-day SMA and continued to advance from previously oversold zones, signaling consistent upward momentum.

Summary

RUNE displayed strong bullish momentum with a significant surge in trading volume and positive technical indicators. 

The price has advanced above the 50-day and 200-day EMAs, forming a golden cross. The MACD and RSI were bullish, suggesting continued upward movement and potential for RUNE to reach $10.

If the price continued to advance to higher levels, RUNE crypto might face resistance at the levels of $7.80 and $10.60, while the support levels for the crypto were $3.70 and $5.50.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.