- Thorchain price recovered almost 35% from the recent lows at $1.003 and facing resistance at 50 day ema.
- RUNE prices are respecting the short term rising trendline support.
RUNE prices are trading with the mild bearish cues and likely witness minor correction from the current levels but correction might provide buying opportunity to bullish investors. As of now, RUNE/USDT is trading at $1.348 with the intraday loss of 2.32% and 24 hour volume to market ratio stood at 0.0432
Will the RUNE bounce back from support zones ?
On a daily time frame, RUNE Prices are on a short term uptrend and forming higher high swings while respecting the rising trendline. In the November month RUNE prices became a victim of FTX collapse and created a yearly low at $1.003 but bulls succeeded to recover the prices almost 35% from the recent lows indicating genuine buyers are active at lower levels.
As of now, the prices are facing resistance at 50 day ema (yellow) and prices are likely to see mild selling from the higher levels. However, if bulls succeed to trade above 50 day ema(yellow) we may see more upside momentum towards $1.488 and levels. On a lower side $1.223 will act as an immediate support for bulls and next support at $1.003
Recently, MACD had generated bullish crossover and being able to sustain above the zero line indicates strength in the prices, whereas RSI at 48 reversing down indicates mild bearishness.
Will the trend reverse downside ?
On a lower time frame, RUNE prices look stable and had been trading in the range between $1.223 to $1.488 with a mild bearish bias. Recently, bulls attempted to breakout of the higher range but got rejected with the strong bearish candle indicating bears are active on higher levels. However, The super trend indicator generated a buy signal but prices were unable to gain the upside momentum indicating indecisiveness and if prices slipped below $1.223 we may again see downside trend reversal.
Summary
RUNE prices are forming higher high swings while respecting the rising trendline support indicates prices are in short term uptrend but it will be difficult for buyers to sustain above 50 day ema in coming days. As per technical analysis, prices may witness minor selling pressure from the higher levels. So, aggressive traders might grab this opportunity to build long positions keeping $1.223 as SL
Technical levels
Resistance levels : $1.488 and $1.691
Support levels : $1.223 and $1.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/28/thorchain-rune-price-analysis-relief-rally-over-or-more-upside-possible/