THORChain’s RUNE is showing signs of a potential breakout as bulls maintain momentum around the $5.10 mark. According to insights from analyst Crypto Winkle, the price action points to bullish sentiment.
Moreover, the analyst notes that RUNE has been consolidating over the past month, setting up for further upward movement. His analysis is further supported by THORChain’s integration with Ledger.
This integration allows secure cross-chain swaps, adding positive fundamentals to RUNE’s outlook.
RUNE Price Action Signals Bullish Continuation
The RUNE daily chart presents a notable shift, as the token recently broke out of a falling wedge pattern, which typically signals a reversal from bearish to bullish trends. The pattern began with a series of lower highs and lower lows, gradually converging before breaking to the upside.
Following this breakout, RUNE’s price has consolidated tightly around $5.10, reflecting the bulls’ strength in maintaining support at this level.
Crypto Winkle’s analysis emphasizes that this consolidation around $5.10 is setting the stage for a potential rally. With support holding firm, the analyst projects that the first resistance level to watch is $6.80, followed by a more ambitious target at $8.25.
Support and Resistance Levels Indicate Potential Upside
The key support for RUNE sits at $5.10, a level that has been tested multiple times and continues to act as a strong base. Maintaining this level is crucial for the bullish outlook, as it signifies that buyers are stepping in during dips, thus preventing a decline.
On the upside, the next resistance level to monitor is $6.80. This zone is expected to attract selling pressure, and if RUNE successfully breaks through, the token could aim for $8.25.
Reaching this second target would mark a continuation of the current bullish trend and validate the breakout’s strength. If the $5.10 support fails to hold, RUNE could dip to around $3.5 with major support at around $2.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Bittensor (TAO) and NEAR Protocol (NEAR) Charts Signal Potential Bullish Moves
Integration with Ledger Strengthens Fundamentals
Adding to the bullish sentiment is the recent announcement that THORChain has integrated with Ledger. This development allows users to perform cross-chain swaps for assets like Bitcoin and Ethereum directly on their Ledger devices, without the need for wrapped tokens.
The ability to swap native assets securely enhances RUNE’s appeal, potentially driving further adoption and price gains. Crypto Winkle’s tweet highlighted this integration, indicating that the secure and seamless cross-chain functionality provides a solid fundamental backdrop for RUNE’s bullish outlook. This new feature could lead to increased trading activity, supporting the projected price targets.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
