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.
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.
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
