The THORChain (RUNE) Price Surges by 90% in 11 Days
The price of THORChain (RUNE) has experienced a significant increase of 90% over the past 11 days, reaching a new yearly high of $2.92 today. However, it has yet to break above the main resistance area at $2.90, which has remained in place for 525 days.
RUNE Reaches Yearly High
Over the past three weeks, the price of RUNE has been rapidly increasing, with successive bullish weekly candlesticks. During this rise, the price managed to break out from the $1.90 horizontal resistance area.
Crucial Resistance Area
Today, the price reached a new yearly high of $2.92 and is currently trading within the $2.90 horizontal resistance area. This is a crucial zone since the price has not closed above it for over 500 days. If RUNE manages to break out, there is little overhead resistance.
Bullish Momentum Indicated by RSI
The weekly Relative Strength Index (RSI), which indicates market momentum and whether an asset is overbought or oversold, shows a bullish reading. With the RSI above 50 and trending upward, it suggests that bulls have the advantage. Readings below 50, on the other hand, indicate the opposite.
The RSI for RUNE is currently increasing and above 50, confirming a bullish trend.
Hot Take: RUNE Shows Strong Performance with New Yearly High
The THORChain (RUNE) cryptocurrency has demonstrated impressive performance in recent weeks, with a 90% price increase and a new yearly high of $2.92. Although it has not yet broken above the long-standing resistance area at $2.90, the bullish momentum indicated by the RSI suggests that further gains may be possible. Traders and investors should keep a close eye on the price action of RUNE as it continues to navigate this crucial resistance zone.
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