THORChain (RUNE) Price Analysis: Consolidation and Bullish Momentum
The price of THORChain (RUNE) has been trading in a range between $1.45 and $1.05 since the beginning of August. On September 18, the price reached the top of the range but faced rejection. However, it has since increased towards the range high after reaching a temporary bottom on September 25.
Rising Price and Range Formation
Since June 14, the price of RUNE has been increasing from a low of $0.77. After creating a higher low in early August, the price accelerated its rate of increase and reached a new yearly high of $2.03 on August 19. The price then decreased to the $1.45 support area, creating a consolidation range between $1.45 and $1.95.
Rejection at Range High and Bullish Outlook
More recently, on September 18, RUNE was rejected by the range high. However, the daily Relative Strength Index (RSI) indicator suggests a bullish outlook for the cryptocurrency. The RSI is currently above 50 and moving upwards, indicating a bullish trend.
RUNE Price Prediction: Potential Upside Target
According to Elliott Wave theory, the RUNE price is in the fifth and final wave of an upward movement that began in June. If this count is correct, the price could reach a high near $2.40, which is 35% above the current price. This target is determined by wave four’s 1.61 external Fibonacci retracement level.
Potential Downside Risk
However, if the price falls below the September 25 low of $1.65, it could invalidate the bullish count and lead to a decrease towards the closest support at $1.45.
Hot Take: RUNE Price Consolidates in Range with Bullish Momentum
The price of THORChain (RUNE) has been consolidating within a range between $1.45 and $1.05 since August. Despite facing rejection at the range high, the price has shown bullish momentum, supported by the upward movement of the daily RSI indicator. According to Elliott Wave theory, there is a potential for further upside towards $2.40 if the current wave count is correct. However, a break below $1.65 could invalidate this bullish scenario and lead to a downside correction. It will be important to monitor the price action and key levels in the coming days to assess the next direction for RUNE.
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