The THORChain (RUNE) Price Breaks Out, Approaching Yearly High
The THORChain (RUNE) price has experienced a significant increase of nearly 70% in the past week, surpassing an important diagonal resistance line. Both the weekly and daily timeframes indicate continued growth towards a new yearly high and potentially beyond.
- RUNE price has been steadily rising since hitting a low of $0.78 in June, with a notable acceleration in early August.
- The recent surge can be attributed to a positive report by Delphi Digital, which highlighted the strengthening fundamentals and user traction of THORChain.
- RUNE broke out from a long-term descending resistance line on August 12 and is now approaching the $1.70 area, the final resistance before the yearly high region of $1.95.
- The daily RSI supports the ongoing increase, signaling a bullish trend.
- A rejection from the $1.70 area could lead to a significant decrease, potentially validating the previous descending resistance line at $1.20.
RUNE Price Prediction: Is This the Beginning of the Bullish Trend?
Technical analysis from both the weekly and daily timeframes align, providing further support for a bullish trend in the THORChain (RUNE) price.
- RUNE price is currently on the verge of closing above the long-term $1.50 resistance area, which has acted as both support and resistance throughout 2021.
- Closing above this level would be a decisive bullish sign, confirming the positive readings from the daily timeframe.
- The weekly RSI has recently crossed above 50 for the first time since March 2022, indicating increasing bullish momentum.
- If the price successfully closes above $1.50, it could potentially surge towards the long-term resistance line at $5, representing a 220% increase from the current price.
- However, failure to break the $1.70 resistance area would suggest a bearish trend and could result in a 30% drop, revisiting the previous descending resistance line at $1.20.
Hot Take
The THORChain (RUNE) price has experienced a significant breakout, fueled by positive reports and strengthening fundamentals. While there is potential for further growth and a new yearly high, caution should be exercised as a failure to overcome key resistance levels could lead to a bearish trend. Traders should closely monitor the price action and RSI readings for confirmation of the bullish trend.
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