Published 6 seconds ago
The THORChain (RUNE) traders can maintain a bullish view until the price sustains above the rising parallel channel pattern. Moreover, a recent reversal from the support trendline should trigger a bull run with its target at the resistance trendline. However, as per the technical setup, this pattern may courage a significant price correction after a breakdown from the bottom trendline.
- The RUNE price shows an 8.12% gain in the past two days
- The combined support of EMAs and the $2.5 level indicates multiple hurdles on the downside.
- The 24-hour trading volume in the Thorchain coin is $291.6 Million, indicating a 44.6% loss.
While the crypto market is experiencing premature recovery, the RUNE/USDT pair reflects its bull run within a parallel channel. This run-up was initiated on June 18th, when the price bounced back from the $1.45 low.
In the past six weeks, the RUNE price reflects its record high of $3.04, registering a 108% growth since the bottom low.
Furthermore, the last weekend’s sell-off in the crypto market triggered a minor correction within this pattern. The bearish pullback retested shared support of the rising trendline and the $2.5 mark.
Thus, confluence support provided a suitable footing for buyers which resulted in today’s 5.66% jump. The coin price currently trades at the $2.76 mark, and following the channel pattern, it should rise 22% higher to hit the overhead trendline.
In optimum conditions, the RUNE price may breach the resistance trendline, accelerating the bullish momentum.
However, in theory, the rising channel pattern encourages a bearish movement once the coin price breaches the support trendline. Thus, the RUNE price is susceptible to a deeper correction if it breaks the pattern’s lower trendline.
RSI: A bearish divergence in the last two peaks of RSI slope indicates weakness in bullish momentum. If the divergence grows, the traders may get a better confirmation of the upcoming correction.
EMAs: the 20-and-50-day EMAs are nearing a bullish crossover at the $2.5 level, increasing recovery changes to above resistance.
- This Resistance Levels: $3 and $3.5
- Support Levels: $2.5 and $2.1
Share this article on:
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.