THORChain’s Native Token RUNE Sees 15% Price Climb, Filling Up Triangle Chart Pattern
The native token of THORChain, RUNE, has experienced a significant 15% price increase today as it continues to move upward after a period of consolidation. Currently trading at $6.15, the token is filling up a triangular chart pattern that could potentially lead to further bullish momentum if it breaks out above.
Hype around Edge Integration Drives Investor Interest
The recent gains in RUNE’s price can be attributed to the excitement surrounding the integration of the token into the Edge self-custody cryptocurrency wallet. This integration aims to simplify participation in THORChain’s decentralized liquidity and trading protocols for regular crypto users. As a result, investor interest has been reignited in RUNE.
Native $RUNE is now supported in Edge Wallet for your self-custodied enjoyment@EdgeWallet already supports functionality like Swaps and Savers. Try it today ????
— THORChain (@THORChain) November 28, 2023
Potential for Further Upside
Looking at the charts, there is potential for RUNE to increase another 10% and surpass the tough resistance at the $6.679 level. This level has acted as a barrier for the token in recent weeks. If momentum continues to build, RUNE may even challenge the significant psychological level of $7.000.
Risks and Considerations
However, if sell pressure drives the price of RUNE back below the lower rising trendline of its current consolidation pattern, which is around the $5.221 support level, it would invalidate the bullish outlook. In this scenario, there could be a steeper drop of around 40% towards the $3.485 level.
While trading volume and market dominance indicators currently support the upside potential of RUNE, risk-averse traders may want to wait for confirmation of a breakout above the $6.679 resistance before entering new bullish positions in the altcoin.
Hot Take: RUNE Sees Strong Price Climb Amid Edge Integration
Cryptocurrency THORChain’s native token, RUNE, has experienced a significant price increase today due to its integration into the Edge self-custody cryptocurrency wallet. This integration aims to simplify participation in THORChain’s protocols, driving investor interest in RUNE. The token’s price has filled up a triangle chart pattern, potentially indicating further bullish momentum if it breaks out above. However, caution is advised as a break below key support levels could lead to a significant drop in price. Overall, this recent development highlights the growing popularity and adoption of cryptocurrencies like RUNE in the market.
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