The surging ThorChain(RUNE) price approaches the psychological mark of $10 after making multiple bullish engulfing candlesticks in the daily chart. The rally continues to intensify and showcases a boom in buying pressure, but the higher price rejection shows an active selling pressure which could result in a retracement in the upcoming sessions. Can buyers continue to maintain trend control?
Key points
- The 50 and 100-day EMA performs a bullish crossover.
- The 24-hour trading volume in the Thorchain coin is $383 Million, indicating an 8.34% rise.
Source-Tradingview
The remarkable 20% post-retest rally in the RUNE price from the $8.5 mark approaches the psychological barrier at $10. However, the rally shows a lack of trading volume after the retest compared to the previous bull run from $3 to $8.5.
The present daily RUNE candle shows higher price rejection near the 50% Fibonacci level close to the $10 mark, adding points to the retracement dogma.
That is why, a seller’s victory at the 50% Fib level will ensure a retracement to the following support level of $9.
However, if bulls resurface by any chance and achieve the previous trading volume range, a bullish rally to the $11 mark is plausible.
The technical chart indicates the important supply regions are $10 and $11.35. On the opposite end, the retracement can find demand at $0.163 and $0.12.
Technical indicators
With the remarkable recovery, the EMAs showcase a bullish crossover of the 50 and 100-day, with the 200-day EMA reversing the trend.
The daily-Relative Strength Index showcases a boom in the underlying bullishness, with the RSI slope retesting the overbought boundary to bounce back higher above the 75% mark. Furthermore, the 14-day SMA supports sudden dips and helps maintain the uptrend.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/rune-price-analysis-with-lower-volumes-at-10-should-you-reconsider-buying-rune/