RUNE Price Aims for 50% Increase by Challenging 50-Day EMA

THORChain Rune

After a brief downturn, Thorchain is poised to regain momentum and recapture previous levels. With the RUNE price set to rise above the moving average line, the altcoin is primed for a rapid upward surge.

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As expectations of an altcoin season grow for the upcoming months, Thorchain looks forward to a significant increase that could lead it into triple-digit territory during the next bull run. Will Thorchain reach $100?



Analyzing RUNE Price Movement: Bullish Signs Ahead

Taking support from the 200-day EMA, the RUNE price is showing signs of a rounding bottom reversal, indicating a recovery rally is underway. This marks the end of the lower high formation, with the 44% pullback finally giving way to a bullish stance.

Source- TradingView

As buyers take charge, they surpass the resistance trendline and challenge the overhead 50-day EMA, delaying the possibility of a death cross event. Currently trading at $4.71, the intraday candle retraces to test the broken trendline, showing rejection at lower prices. This suggests a potential reversal post-retest. If the intraday candle manages to close above the 50-day EMA, the altcoin could enter a strong bullish trend soon.

Technical Indicators Analysis:

MACD Indicator: The MACD and signal line exhibit a bullish crossover, approaching the zero line. The increasing intensity of positive histograms further supports the likelihood of an uptrend.

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EMA: The 50-day and 200-day EMA maintain RUNE price within a dynamic range. A breakout above either EMA will determine the altcoin’s next trend.

Analyzing RUNE Price: Potential Breakout Ahead

In the daily chart, Thorchain’s ongoing rounding bottom pattern suggests that buyers are gearing up for a breakout. Should the RUNE price surpass the 38.20% Fibonacci level at $5, the likelihood of an uptrend to $7 significantly increases.

If Thorchain manages to break above the $5 level, it could signal a bullish trend, potentially driving the price up to $7.

Conversely, a breakdown below the support level of $4.3 could lead to a drop in Thorchain’s price, potentially reaching as low as $3.64.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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