Despite a volatile tendency in other cryptocurrencies, the THORChain (RUNE) price made a flashy start in March. The altcoin gained 131% from the support level of $3.34 during the month’s first half. The buyers march towards the next resistance level of $8.3, preparing for another breakout.
Key points:
- The RUNE price chart shows a bullish crossover of 20 and 50 EMA in the daily time frame chart
- The intraday trading volume in the RUNE token is $66 Million, indicating a 1.85% hike.
Source- Tradingview
In February, the RUNE/USDT pair wobbled within the $5.7 and $3.5 levels. The two bounced back from this yearly support($3.5), indicating a strong accumulation zone for buyers. On March 12th, the buyers pierced the overhead resistance($5.7), providing a weekly candle closing above it.
The RUNE price started the new week with strong follow-up candles. The altcoin trades 34% high from the breached resistance, rallying towards the next resistance at $8.3. The coin chart shows two neighboring resistance of $8.3 and $9.2, mounting a strong defense for buyers.
If buyers manage to break out and sustain above these overhead resistances, the long traders can expect a 26.5% growth opportunity.
In contrast to the bullish thesis, if sellers rejected the altcoin from the $8.3 or $9.2 mark. A minor pullback to the $5.7 mark is possible.
Technical indicator
The parabolic recovery has crossed above the important EMAs(20, 50, 100, and 200). The rising 20-day EMA performs a bullish crossover with the 50 EMA, providing an extra edge to buyers
The daily-Relative Strength index(73) slope trendline higher shows the increasing bullish momentum.
- Resistance levels- $8.3 and $9.2.
- Support levels- $5.7 and $3.35
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