THORChain crypto price has been struggling to break above the $7.29 resistance level and has been taking support on 200 EMA. However, the trading volume is stagnant, which indicates a pullback and continuation of bullish momentum. At the same time, THORChain cryptos have been trading above the 20, 50, 100, and 200-day daily moving averages, which are bullish signals.
THORChain crypto price gained 4.82% last week and gained by 4.97% in the month. Moreover, RUNE crypto witnessed an rise of about 455.39% in the past six months and a rise of 316.50% over the past year.
Also, the RUNE crypto price has gained by around 350.46% year to date. These trends collectively show the bull’s dominance of THORChain crypto price throughout the year.
Technical indicators suggest the upside trend of THORChain crypto price. Relative strength index showcases and the moving average convergence divergence both indicate the bullish momentum of THORChain crypto price.
The price is poised for a rebound as it tests the major support levels and the 200 moving averages. Buyers are showing strength and dominance, as per the candlestick patterns.
On the daily chart, THORChain crypto shows buyers’ dominance and a spike above neutrality, showing a positive outlook on the chart. Moreover, the price rose above the key resistance level, heading toward the $6.46061 level and near the upper Bollinger band.
Overall, the technical indicators and price action suggest that THORChain crypto is bullish and that the uptrend is likely to continue.
Technical Evaluation of THORChain Crypto
At the time of publishing, THORChain crypto (USD: RUNE) is trading above the 50 and 200-day daily moving averages (DMAs), which support the price trend.
The current value of RSI is 50.14 points. The 14 SMA is above the median line at 47.62 points which indicates that the THORChain crypto is neutral.The MACD line at -0.01861762 and the signal line at 0.00561279 are close to the zero line. The MACD indicator signals neutrality for the RUNE crypto price.
Short-Time Horizon Analysis
THORChain crypto has shown buyers’ strength, and the uptrend in the crypto was noted on the short-term charts. Moreover, the price traded above the key EMAs, which shows further strength in the crypto.
The RSI curve is near the neutral region at 52, and a positive outlook was noted, indicating bullishness in the crypto. The MACD indicator also persisted to form green bars, and a bullish crossover was noted, which signals bullish moves.
Summary
THORChain (USD: RUNE) technical oscillators support the bullish trend. The MACD, RSI, and EMAs are emphasizing neutral signs and imply that the uptrend may continue in the RUNE crypto price. THORChain price action suggests that the investors and traders are neutral on the 1-D time frame. The price action reflects a neutral perspective at the moment.
Technical Levels
Support Levels: $5.3022 and $4.3537
Resistance Levels: $6.4606 and $7.2935
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/28/thorchain-crypto-what-to-expect-with-rune-crypto-in-2024/