THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
The crypto market started the week on a bullish note, regaining the lost market value from the recent pullback. Thus, the THORChain(Rune) price rebounded from the $1.75 mark with a morning star candle, nearing the $2.24 neckline resistance of a cup and handle pattern. Can this pattern bring a genuine recovery in Rune price?
Key points:
- The RUNE price is nearing the completion of the cup and handle pattern.
- The RUNE buyers reattempts to claim the 20-day EMA slope.
- The 24-hour trading volume in the Thorchain coin is $240.4 Million, indicating an 85.4% rise.
Source-Tradingview
The RUNE/USDT recovery rally took a sharp turn from the $2.4 resistance with a bearish engulfing candle. Furthermore, the six consecutive red candles backed by high volume activity indicate the sellers still maintain a firm grip over this coin.
The downfall plunged the RUNE price by 27.5%, reaching the $1.756 mark. However, the altcoin rebounded from this support and appreciated 21.5% as it currently trades at $2.14. The rising price bolsters the growing volume of activity, validating a genuine rally.
If sustained buying reached the $2.42 resistance, the RUNE chart would reveal the formation of a cup and handle pattern. With a bullish breakout from its neckline resistance($2.42), this bullish reversal pattern should accelerate the buying pressure for further rally.
The post-breakout rally from $2.42 could raise the RUNE price by 40%, targeting the $3.4 mark, followed by $3.8.
Technical indicator
On June 27th, the coin price showed a failed attempt to sustain above the dynamic resistance of the 20-day EMA, indicating aggressive selling in the market. However, today, the buyers reattempt to reclaim this EMA to support the pattern formation.
A bullish reversal from $1.75 has already surged the daily-RSI slope to the neutral line(50%), suggesting the improvising sentiment among market participants. A crossover above the midline would get an additional confirmation for a recovery rally.
- Resistance levels- $2.4, and $3.1
- Support levels- $1.75 and $1.47
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
