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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
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