Thorchain (RUNE) gained momentum and is accumulating gains, emphasizing the buyers’ interest. RUNE price showed a massive spike and registered a range breakout after consolidating so far this year. Furthermore, buyers have succeeded in trapping the sellers and have surpassed the significant moving averages decisively.
Technicals indicate that RUNE has initiated a massive bull run and has shattered the trajectory mid-line of $5.00, which signals the beginning of a bull run. Additionally, RUNE exited from the headwinds and is picking up the pace. Furthermore, RUNE is ready to touch the upper neckline of $7.00
The live price of RUNE is $6.19, with an intraday drop of 2.31% noted profit booking after a massive surge. Moreover, the trading volume increased by 25.67% to $588.61 Million, and the pair of RUNE/BTC is at 0.000171 BTC. However, the market cap of RUNE is $1.87 Billion. Analysts have revised the rating from ‘neutral’ to ‘buy’ and suggest a growth outlook for the upcoming sessions.
Will RUNE Reach $10 by 2024?
On the daily charts, RUNE price noted an intense incline, escaped the region hindrance of $5.00, and entered the bullish trajectory beyond $5.00. Moreover, the price action delivered the buyers’ accumulation and highlighted investors’ interest.
The RSI curve stayed above neutrality and showed a positive crossover, highlighting the buying momentum and the volume spurt.The MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting a bullish outlook for the upcoming sessions.
Weekly Charts Exhibits Range Breakout
On the weekly charts, RUNE price has topped the 100-day EMA mark and enlisted a massive spike after a consolidation phase for the past few years. Furthermore, the oversized bars and long build-up activity suggest that investors are curious. Additionally, the buying interest with a volume spurt gives the firm belief that the rally may last longer and will extend toward the trajectory highs of $10.00.
RUNE on Monthly Charts Delivers Reversal
On the monthly chart, RUNE price noted a reversal and formed a gigantic higher high, with a solid bullish candlestick surpassing the key MA. Moreover, the chart suggests that bulls are healing from the lows, whereas bears lost strength, who were dominant over the years, and now the craze is flipping toward the bulls. For the past few years, RUNE price was trading in a narrow range below neutrality with low investor interest. The bad days are over, as a renewed relief rally was witnessed on the chart.
Summary
ThorChain (RUNE) price has fled the trajectory midline of $5.00 and initiated a fresh upmove, indicating the buyers’ accumulation on the charts. Moreover, the price action witnessed the range breakout, and RUNE escaped the stripes.
Technical Levels
Support Levels: $5.50 and $5.00
Resistance Levels: $6.20 and $7.00
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
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/2023/11/17/rune-price-prediction-rune-picks-up-the-pace-will-it-reach-10/