THORChain Price Prediction as 9-Days Winning Streak Breaks Critical Resistance

THORChain Price Prediction: As previously highlighted by Coingape, the RUNE coin price is marching to the beat of a rising channel pattern on its daily chart. This structure, in tandem with an overarching bullish market sentiment, has fueled a nearly vertical rally over the past nine days. However, the question is, can this bullish thrust withstand the emerging wave of market-wide selling pressure?

Also Read: BTC Price Hovers At $34,000 During Bitcoin Options Expiry, What’s Next?

Is RUNE Price Heading to $3?

• The RUNE price shows the formation of a channel pattern in the daily time frame chart.
• The breakdown from the channel pattern would put this altcoin at risk of major correction
• The intraday trading volume in RUNE is $117 Million, indicating an 18.5% gain.

Source- Tradingview

Over the past two months, the THORChain coin price has been trading within a well-defined channel pattern, experiencing dynamic support and resistance. On October 20th, the asset bounced decisively off the lower trendline of this channel, sparking a powerful nine-day recovery rally. 

From its recent low of $1.50, the coin has soared approximately 66.75%, currently trading at $2.54. Intriguingly, the coin has just broken above the channel’s upper trendline, signaling that buyers are primed for more substantial gains.

Today’s 5.2% uptick provides excellent validation for this breakout, strengthening the case for a continuation of the rally. Should this breakout hold, the RUNE coin price could rally another 32.5%, targeting a high of $3.20.

A Minor Pullback is Possible Before the Next Leap

While the near-term outlook for the RUNE coin remains strongly bullish, it’s worth noting that the broader crypto market is showing signs of rising selling pressure. Furthermore, after such a sharp rally in a short period, a minor pullback would not only be expected but also beneficial for recalibrating bullish momentum. Nonetheless, the anticipated pullback can witness suitable support at the breached trendline or $2.32, which could bolster the continuation of the bullish rally.

• Exponential moving average: A sharp uptick in the daily EMAs( 20, 50, 100, and 200) reflects an Aggressive strong buying momentum in the market.
• Average Directional Index: The ADX slope hovers around 30%, indicating that the ongoing recovery is still in its growth phase, and far from over