THORChain (RUNE) Price Surges by 90% to Reach New Yearly High
The price of THORChain’s native token, RUNE, has experienced a significant increase of 90% over the past 11 days, reaching a new yearly high of $2.92. However, it has not yet broken out above the main resistance level at $2.90, which has been in place for 525 days.
RUNE Reaches Yearly High
During the past three weeks, the price of RUNE has been rapidly increasing, forming consecutive bullish weekly candlesticks. It successfully broke out from the $1.90 horizontal resistance area and reached a new yearly high of $2.92 today. Currently, it is trading within the $2.90 resistance area that has been challenging to surpass for more than a year.
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Bullish Momentum Supported by RSI
The weekly Relative Strength Index (RSI) for RUNE indicates a bullish trend. With readings above 50 and an upward trajectory, it suggests that bulls still have an advantage in the market. This positive momentum is further supported by the increasing RSI value, which remains above 50.
RUNE Forecast: Potential for Further Increase
When analyzing the daily timeframe chart and considering the Elliott Wave theory and RSI readings, there is a bullish outlook for RUNE’s price. The Elliott Wave count suggests that the current movement is part of the fifth and final wave, with a potential target at $3.50. The daily RSI also supports this forecast with its bullish trend and breakout from a previous bearish divergence trendline.
Possible Correction if Resistance Level Holds
While the RUNE price prediction is optimistic, failure to close above the $2.90 resistance level could trigger a 30% drop to the nearest support at $2.
Hot Take: RUNE Price Soars to New Highs but Faces Resistance
The price of THORChain’s RUNE token has experienced a significant surge in recent weeks, reaching a new yearly high of $2.92. Despite this impressive performance, the price has yet to break out above the long-standing resistance level at $2.90. The bullish momentum is supported by the weekly RSI readings, indicating an advantage for buyers. However, it remains crucial for the price to overcome the resistance level in order to continue its upward trajectory. If successful, further gains could be expected, with a potential target of $3.50 according to Elliott Wave analysis. Nevertheless, caution should be exercised as a failure to surpass the resistance level could lead to a significant correction in price.
