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THORChain(Rune) price starts the new week with a bang as it breaches the weekly resistance of $2.5. While the coin price continues to climb higher today, a minor correction is plausible to validate this breakout. Thus, the retest phase may provide an entry opportunity for potential buyers.
Key points:
- RUNE prices have increased by 46.1% since last months
- Triangle pattern breakout may shoot coin price above $3.4
- The 24-hour trading volume in the Thorchain coin is $291.6 Million, indicating a 44.6% loss.
Source-Tradingview
The RUNE/USDT technical chart showcases a textbook example of ascending triangle pattern in the daily time frame chart. While the crypto market struggled in uncertainty last month, the RUNE price under the pattern’s influence started showing higher low formation.
This run-up indicated a gradual rise in bullish momentum, which resulted in a decisive breakout from the $2.5 neckline resistance on July 18th. In addition, the long bullish candle provided a candle closing above the $2.5 mark and 50-day EMA, providing a higher footing to carry forward this rally.
With a 45.5% rise in volume, the RUNE price soars 8% and provides a strong follow-up candle. If the bullish momentum persists, the altcoin will climb 20.3% higher to hit the $3.4
However, it is unlikely the price may not retrace in between, as such a robust rally in a short time may encourage profit booking from traders. Therefore, a potential pullback may retest the $2.5 flipped support and check price sustainability.
Furthermore, as per the technical setup, the triangle pattern should lead the RUNE price above the $3.4 resistance.
Technical indicator
Vortex indicator: the VI+ and VI- slope widens their gap in a bullish alignment, indicating strong buying in the market. This rising bullish momentum bolstered buyers to propel coin prices to the $3.4 mark.
Bollinger Band indicator: The RUNE price shows a breakout from the indicator’s upper band, accentuating their sudden growth. However, a retest to the overhead resistance usually induces a minor correction, which bolsters the retest theory.
- Resistance Levels: $1.37 and $2.4
- Support Levels: $2 and $1.5
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