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- The RUNE price has lost around 17% in less than a week.
- Its trading volume has increased by 32%, indicating the growing investors’ engagement.
The price of THORChain (RUNE) has been rising by taking support on an ascending trendline. The RUNE price has surpassed the last swing high and fallen back to the trendline. It has lost the 20-day EMA, which could be a bearish signal. Still, the 200-day EMA could act as major support.
Since August, the RUNE crypto price has defended the ascending trendline five times. At press time, the price was at the trendline, and another push could be possible. Keep on reading to assess how the RUNE might react on the trendline.
RUNE Price is Rising Through a Channel: Is One More Swing High Possible?
When writing, the THORChain crypto was trading at $4.98 with an intraday loss of 2.01%. The market capitalization was $1.68 billion, and the 24-hour trading volume was $167.67 million. The rise in trading volume showed the participation of new players.
In a wider time frame, the RUNE price has been consolidating in a parallel channel for a year. In Q1 2024, the price triggered a breakout from the channel. Still, it couldn’t maintain enough buyers to lead the trend.
If the price manages to defend the trendline, it would generate buying opportunity. Suppose the RUNE crypto forms bullish candlesticks on the trendline; another swing high could be anticipated. If the trading volume increases, the price may cover a gain of around 40% in November.
Bitcoin is the largest cryptocurrency, which has witnessed strong rejection from the major resistance level. Its momentum might impact the altcoins. If the RUNE price loses the trendline, buyers might panic. Here, profit booking can trigger bearish momentum, and the price may melt to the wider support level of $3.
Based on the technical chart, the RSI has displayed a death crossover with the RSI-based moving average. However, it has shown strength in a wider time frame. The MACD has displayed a bearish crossover with the Signal line and the histograms have flipped to red. However, the MACD and the Signal line are staying over the Zero line.
Is RUNE Price Ready For Short-term Gain?
Crypto_Jobs ♂️ TA & FA (@Cryptojobs3) is a cryptocurrency analyst who believes a bullish move is on the way. The RSI has generated a bullish divergence in a 15-minute time frame. The overall RSI has remained strong even in a higher time frame.
$RUNE
— Crypto_Jobs ♂️ TA & FA (@CryptoJobs3) November 3, 2024
Bull div RSI
Oversell price action [rsi]
Daily support zone [Lagging span]
Daily uptrend support
I'm taking a long position here, high probability to see a bullish reversal soon Do not be greedy with the coming gain #DYOR #trading @cz_binance pic.twitter.com/2XeZTjQiGn
RUNE token’s price is in the daily support support zone and might invite buyers for a bullish momentum. It has been rising through an ascending channel and surpassing the last swing highs. This tweet concludes a bullish move ahead.
RUNE Price Prediction Based on Technical Chart
The RUNE price is currently at a critical juncture, resting on an ascending trendline that has previously provided support. Despite a recent decline of around 17%, the increasing trading volume suggests heightened interest and potential for a rebound.
If RUNE can maintain its position above the trendline and generate bullish price action, there is a possibility of a significant price increase, potentially around 40% in November. However, should the price break below this support, it may trigger a bearish trend and further declines, with key support at $3.
Disclaimer
This article is for informational purposes only and provides no 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.
