RUNE Price Analysis: Bulls gain control, denying the bears dominance

The token has shown bullish action in the previous sessions.
RUNE is trading above the resistance level on the daily time frame.
The pair of RUNE/USDT is trading at the price level of $1.747 with a gain of 2.65% in the past 24 hours.

The RUNE token is gaining traction over the past few days and we can see strong bullish candle being formed on the daily time frame. Bulls are taking control of the trend and flipping it in their favor.

RUNE bulls are in action

The token’s long-term downtrend has come to an end, and bulls are now in control of the trend, driving up the token’s price. According to the daily chart, RUNE token is currently trading at $1.747, up 2.65% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). It remains to be seen whether the bulls can continue the uptrend and achieve new highs.

Relative Strength Index: The asset’s RSI curve is currently trading at 74.41, indicating that it is in a strong overbought zone. The bulls driving up the token price has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the current uptrend continues, the RSI curve will remain in the overbought zone in the coming days.

Analyst view & Expectations

With high volume, the token has broken over the resistance level on the daily time frame. Investors who wish to buy might do so now and aim for the $2.034 target in the near future. Intraday traders, on the other hand, have a good opportunity to go long as the token has sustained above the resistance level and book profits based on their risk to reward ratio.

According to our current THORChain (RUNE) price prediction, the value of THORChain (RUNE) is expected to climb by 5.70% in the next few days, reaching $ 1.847115. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 52. (Neutral). Over the last 30 days, THORChain had 19/30 (63%) green days and 9.93% price volatility. According to our THORChain forecast, now is a good moment to buy THORChain.

Technical Levels

Major support: $1.674

Major resistance: $2.034

Conclusion

The token has shown strong bullish momentum in recent days, rising from a downtrend with bulls denying bearish dominance. According to the price action, a bullish chart pattern forms on the daily chart.

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