Thorchain price analysis: RUNE spotted in bulls’ pocket but how, given BTC hovers at $20K

Thorchain (RUNE) price has accumulated above the 2022 low of $1.433, meanwhile, the bulls drive the coin upwards.
In the shorter time frame, the RUNE price shows an upward move while speculators buy on the dip technique.
The RUNE token gave a strong rally yesterday evening, meanwhile the price hit the 10-day top mark of $2.315 and the market capitalization increased by over 5%.

Thorchain (RUNE) got back on the bullish track. The cryptocurrency market began the week bullish, regaining market value lost during the recent turnaround. Thus, RUNE valuation crossed the $1.75 resistance level with a morning star candle near $2.24.

Crypto traders are aware that bitcoin has established a range of $18,000 to $22,000, prompting the altcoin attempt to recover from its recent lows. Similarly, the RUNE coin shifted in favor of the bulls as the daily price scale formed a high-low pattern.

RUNE on 4-hours

In shorter time frames, such as the 4-hours, Thorchain (RUNE) price shows an upward move, while speculators buy on the dip technique. Thus, the price is seen above the upward trend line (above the chart) while the RUNE token is trading at the $2.25 mark at the time of writing.

Amidst the bullrun, the bulls will have to collect the RUNE token, which will break the recent resistance near the $2.5 mark. However, the RUNE token gave a strong rally last night, meanwhile the price hit the 10-day top mark of $2.315 and increased its market cap by over 5%.

Trading volume wise, the bulls appear aggressive for a bullish rally, therefore, the volumes exhibit above average buying in RUNE over the past several days.

The 50 DMA is big challenge for bulls

Although buyers keep RUNE price above the 20 day moving average on the daily time frame, the 50 DMA (blue) poses the biggest challenge for the buyers.

The 50 DMA breakout is likely as the Stoch RSI is moving towards the overbought zone.

Conclusion

The most recent challenge for the Thorchain (RUNE) token is the 50-day moving average. But as the Stoch RSI moves up, the price action is following an uptrend above the uptrend line, so the most recent resistance at $2.5 is likely to be broken soon.

Support level – $1.4 and $1.0

Resistance level – $2.5 and $3.0

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing