Price Analysis

THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4

The RUNE price is rising under the influence of a cup and handle pattern. Can buyers surge above the $2.4 resistance?
Published by
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?

Advertisement

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.

Advertisement

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
Advertisement

Share
Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?

Chimpee, the project behind the hyped CHMPZ tokens, combines the best of both worlds. It…

September 26, 2025
  • Price Analysis

Is Ethereum Price Set for a rebound as Whale accumulation Intensifies?

Ethereum price is showing signs of resilience after recent turbulence, with renewed attention on whale…

September 26, 2025
  • Price Analysis

HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?

The HYPE price outlook has gained attention after a market analyst, Ali Charts, remarked that…

September 26, 2025
  • Price Analysis

Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%

The Shiba Inu price has drawn attention as its chart shows tightening consolidation near a…

September 26, 2025
  • Price Analysis

Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern

The Bitcoin price has drawn attention after Ted Pillows shared insights comparing current conditions with…

September 25, 2025
  • Price Analysis

HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain

HBAR price has formed a bullish flag pattern on the daily chart. Hedera has moved…

September 25, 2025