Dacity Coin
streamoors
Pudgy Penguins
Injective
Celestia
Sui
Pearl
- The THORChain price has risen by 40% in the past 10 days.
- The RUNE token price surpassed the 20-day EMA and was heading toward the 200-day EMA at press time.
The RUNE price witnessed strong selling pressure in the daily time frame since mid-March. In April, the buyers showed bullishness and surpassed the 200-day EMA. However, the price failed to sustain and continued the bearish trend.
Amid this bearish trend, the digital asset price slipped below the $4 hurdle after consolidation of 2 weeks. Below this crucial level, the sellers showed interest and dragged down the price by 22% in 2 days.
Buyers dominated sellers below the $4 mark and displayed a V-shaped recovery. According to the chart structure, the sellers seemed trapped, and the RUNE price could have performed positively.
Based on the technical indicators, the histograms remained green despite the bearish trend at the time of writing. The MACD generated a bullish crossover with the Signal line. The RSI developed a bullish divergence and has rapidly recovered from the oversold zone.
Expecting 2 Digits After the Breakout?
A source on X suggested that the RUNE token price was at a crucial breakout level. In a daily time frame, the crypto asset price declined due to resistance from the trendline.
$Rune pic.twitter.com/p7LuddnpxO
— FLASH (@THEFLASHTRADING) July 18, 2024
A rise in trading volume while a breakout might support the bullish momentum, and buyers might eye for a double-digit target.
The THORChain Price Shaped a Falling Wedge Pattern
The RUNE token traded at $4.44 at press time with an intraday gain of 4.91%. The market capitalization was $1.49 Billion, and the 24-hour trading volume was $282.48 Million. The circulating supply was 336.85M RUNE.
Rune crypto price formed a falling wedge pattern in the daily time frame. It was at the crucial breakout level and already exceeded the 20-day EMA.
Suppose the RUNE crypto price triggers a breakout from the wedge; buyers may become active. If the price exceeds the 200-day EMA, the price may further perform positively.
Alternatively, strong selling pressure can be expected if the buyers fail to dominate and the price slips below the $4 mark. The RUNE price was in the lower low territory and may invite sellers.
Will RUNE Price Shoot Up Soon or Keep Falling?
Based on the analysis, the RUNE price was at a critical juncture. The technical indicators and chart patterns suggested the potential for a positive breakout.
If the price surpasses the 200-day EMA and continues the bullish momentum, there could be room for significant upside potential. It can possibly reach double-digit figures.
On the other hand, failure to sustain above the $4 mark and the 200-day EMA could increase selling pressure and cause the continuation of the bearish trend.
Technical Levels
Based on the chart structure, the bullish trend might get disturbed at the $5.75 and $7.20 levels. The sellers may face difficulty overcoming the $4.00 and $3.20 levels.
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.
