ThorChain (RUNE) Price Surges to 430-Day High
The price of ThorChain (RUNE) has experienced a rapid increase since October 20, reaching a 430-day high of $2.38 today. If you’re wondering whether the price will continue to rise towards $3 or if it’s nearing a local top, keep reading.
RUNE Reaches 430-Day High
The price of RUNE has been steadily rising since June, when it was trading at a low of $0.78. After creating a higher low in August, the rate of increase accelerated and reclaimed the $1.05 resistance area.
In September, the upward movement stalled, but this week, RUNE’s increase gained further momentum, culminating in today’s high of $2.34.
This is the Highest Price in 430 Days
Today’s price of $2.38 marks the highest point for RUNE in the past 430 days. The last time it reached a similar level was in August 2022 when it reached $2.96.
Bullish Momentum Indicated by RSI
The weekly Relative Strength Index (RSI) is currently in a bullish position. The RSI is a momentum indicator used by traders to determine whether a market is overbought or oversold, helping them make decisions on accumulating or selling an asset.
With the RSI reading above 50 and showing an upward trend, bulls have an advantage. Conversely, if the reading falls below 50, the opposite is true. In this case, the RSI is increasing and remains above 50, indicating a bullish trend for RUNE.
RUNE Prediction: How Long Will the Increase Continue?
Technical analysts rely on the Elliott Wave theory to identify long-term price patterns and investor psychology, which helps determine the direction of a trend. According to this theory, RUNE is currently in its fifth and final wave of an upward movement that began in June.
If this analysis holds true, we can expect RUNE to increase towards $2.73, near the $2.80 horizontal resistance area. This target is derived by projecting the length of waves one and three to the bottom of wave four.
This target represents a nearly 20% increase from the current price.
Be Cautious of a Potential Reversal
Despite the bullish prediction, it’s important to note that a daily close below $2 could indicate the local top for RUNE. In such a scenario, the price could potentially drop by almost 40% to $1.40.
Hot Take: RUNE Soars to 430-Day High, but Watch for Resistance Ahead
The price of ThorChain (RUNE) has surged to a 430-day high, reaching $2.38. This upward movement has been fueled by bullish momentum and technical analysis predictions. However, caution is advised as there is a potential resistance area around $2.80. If the price fails to break through this level and closes below $2, a reversal may occur, leading to a significant drop in price. Keep an eye on these key levels as you consider your trading strategy for RUNE.
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