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THORChain Price Prediction: Last week, the cryptocurrency market witnessed heightened volatility, with major coins stalling due to overhead supply pressures. Bucking this trend, the RUNE price showcased a significant recovery, underpinned by escalating trading volumes. Amid this rally the buyers broke free from a year-long period of sideways action, suggesting early indications of a trend reversal.
Also Read: Why Is Bitcoin Price Rising Suddenly, Will It Continue to Rise?
Why is RUNE Price Rising?
- As per the Coinglass data, the THORChain coin has been witnessing heavy short liquidation since last week, which is also a key reason for the current recovery.
- A decisive breakout from the expanding channel pattern set the prices for a prolonged rally.
- The intraday trading volume in RUNE is $218 Million, indicating a 117% gain.
Source- Tradingview
Over the past two weeks, the THORChain coin price has ascended steadily, leaping from a psychological support level of $1.5 to its current trading price of $2.9. This substantial 94.8% rally is bolstered by growing trading volume, highlighting strong buyer conviction to push the coin to higher heights.
On October 26th, the rising price gave a decisive breakout from the resistance trendline of an expanding channel pattern that had been constraining its price for over a year. This pivotal moment signals the end of a long accumulation phase and serves as an early sign of a trend reversal.
With an intraday gain of 5.75% and a suitable surge in trading volume, the RUNE price appears on track for another 8.6% surge before encountering its next major resistance level at $3.15. Should the bullish momentum persist, the buyers could extend the recovery trend to $3.8 and possibly the $5.22 marks
Is a Correction Underway?
Despite the strong bullish undercurrents, it’s essential to recognize that such meteoric ascents often necessitate minor pullbacks for a more sustainable uptrend. Historical analysis of Rune Coin reveals three corrections during its recent four-month rally, each staying above the 50% or 61.8% Fibonacci retracement levels. Therefore, investors may continue to maintain a bullish outlook unless the price dips below the 50% retracement level, currently situated at $1.89.
- Average Directional Index: The daily ADX reading of 38 suggests that buyer exhaustion may be nearing, underscoring the potential need for a minor price correction.
- Exponential Moving Averages: A pronounced upward shift in key daily EMAs (20, 50, 100, and 200) affirms the prevailing bullish sentiment.
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