Since November, the THORChain (RUNE) price has been struggling in a channel. In the first week of March, buyers broke out from the channel. However, it failed to continue due to profit booking and entered the channel.
In May, buyers unsuccessfully attempted to surpass the major resistance level of $7 and witnessed a slow and steady fall. The bearish trend in RUNE price seems to have ended at the major support level of $3.50. The price was wandering in the buying zone; it has the potential to gain around 60% in a month, let’s know-how.
Is RUNE Price Gearing Up?
THORChain crypto was trading at $4.51 at press time which has risen by 1.25% over the past 24 hours. The market capitalization was $1.51 Billion and the 24-hour trading volume was $168.37 Million.
Cool Dog (@Cool1Dog) is a crypto analyst who has tweeted that the RUNE crypto price is ready to shoot soon. The RUNE price below the $5 mark can be considered on discount. Once the price surpasses the yearly high and turns into support, it may perform too well.
RUNE Price Displayed a Bullish Pattern at the Support; Are Bulls Ready to Dominate?
The RUNE crypto price has shaped an inverted head and shoulder pattern on a daily time frame. It had reached the neckline and was trading just below the 200-day exponential moving average (EMA).
Exceeding the 200-day EMA could be a bullish sign and buyers might get attracted. If the RUNE price sustains over the 200-day EMA, the price could easily form the second shoulder. If the trading volume supports this momentum, the price may gain around 60% in a month.
A bearish candlestick near 200-day EMA would drag the price to the major support level. Once it slips below the major support level, selling pressure could be generated. Losing at the $2.20 mark could lead to strong selling pressure and may melt to an all-time low.
Turning to the technical indicators, the THORChain price has smashed the 20-day EMA and is heading towards the 200-day EMA. The MACD has developed a golden crossover with the signal line and has traveled to the positive territory. The histograms have flipped to green which could be a bullish forecast.
RUNE price is currently in a buying zone and has the potential to gain around 60% in a month. The price has shown bullish patterns and signals, including a golden crossover in the RSI and a bullish pattern in the support zone.
Additionally, there are positive sentiments from crypto analysts regarding the potential for price growth.
It’s important to keep an eye on the price movements, especially with key levels such as the 200-day EMA and major support levels. If the price manages to sustain its bullish momentum and surpass key resistance levels, it could lead to significant price gains.
