RUNE Price Analysis: Can the bears stop the mighty bulls?

• The token has shown bullish actions in the previous sessions.
• The pair of RUNE/USDT is trading at the price level of $1.887 with a decrease of -0.08% in the past 24 hours.

After bouncing off the strong support level, the RUNE token has gained more than 70% from the support levels. The bulls are showing their dominance over the bears and are driving up the price of the token.

RUNE token on the daily chart

The token has entered a short-term uptrend and has sustained above the resistance level. RUNE token is now trading at $1.887, a loss of -0.08% in the previous 24 hours, as shown on the daily chart. On the daily time frame, the token has crossed and sustained above the 50 EMA, and it is trading between its key Moving Averages, which are the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Let’s see if the bulls can continue their momentum and drive the token’s price higher.

Relative Strength Index: The asset’s RSI curve is currently trading at 70.10, indicating that it is in the overbought zone. The bullish momentum is strong because the token is breaking over the resistance level with high volume. The RSI curve has crossed over the 14 SMA, indicating that the trend is bullish. If the bulls continue their bullish momentum, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

On the daily chart, the token is forming a strong bullish candle, indicating an uptrend. The bears have failed to stop the bulls from driving the token’s price higher. Investors who wish to buy now can do so as the token is in an uptrend, while those who want to trade safely and with less risk can wait for the token to break and sustain above the $2.034 resistance level on the daily chart. Intraday traders, on the other hand, have a good opportunity to go long 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 2.54% in the next few days, reaching $ 1.932944. 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 20/30 (67%) green days and 12.68% price volatility. According to our THORChain forecast, now is a good time to buy THORChain.

Technical Levels

Major support: $1.674

Major resistance: $2.034

Conclusion

The bulls have taken control of the trend, and a bullish chart pattern is forming on the daily chart. Investors who want to buy now can do so by managing their risk to reward ratio.

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.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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