- The RUNE price may be poised to end the downtrend, as it prepares for a quick recovery that will increase bullish sentiment.
- On the short timeframe, RUNE is strong.
- In the current timeframe, RUNE attempts break above 8 and 20 EMA.
Thorchain’s (RUNE) price has been showing little to no signs of recovery in recent weeks. But that could be changing as it gears up for an increase against tether ($USDT). As most altcoins (and major cryptocurrencies such as Bitcoin) moved in a range, previous weeks have seen slow movements for crypto. It looks like the month is promising with altcoins such as Thorchain (RUNE), rebounding off their lows and high hopes for a rally thanks to the trend shift. (Data from Binance).
Crypto Market Outlook
Most crypto projects and altcoins such as RUNE have found the month more of an easing. Bitcoin’s price has led the market. It rose from $18,800 at its lowest to $20,100. As the crypto market is looking brighter, it may be possible to see more recovery of cryptocurrency, since major altcoins have not rallied in the past month.
Thorchain (RUNE), Analysis of the Weekly Chart
As the price of RUNE continued its decline to $1.5, the recent price drop did not reflect the strength seen in altcoins such as Cosmos.
After rising from a low at $3 to a peak of $12, RUNE was rejected. It couldn’t break $12 above the resistance price.
Since then, the price struggled for support. The weekly low was $1.5 and there is a potential demand zone that could allow more orders to be placed.
The RUNE price rose to $1.6 in this region as the market prepares for an uptrend. Although it is still in an area that’s trying to breakout, the outlook looks bright as more buyers have placed orders in recent weeks.
Weekly resistance for the price of RUNE – $1.8-$2.
Weekly support for the price of RUNE – $1.5.
Prices Analysis of RUNE on the Daily (1D), Chart
The daily price of RUNE is bullish, as it attempts flip the resistance at $1.8 to break out on good volume.
The current price of RUNE trades at $1.65. Resistance to break above the 8- and 20-day Exponential Moving Averagess (EMA) acts as resistance areas for RUNE’s price. The prices of $1.6 and $1.66 correspond to RUNE’s 8 and 20-day EMAs, respectively.
Daily resistance for the RUNE price – $1.66-$1.8
Daily support for the RUNE price – $1.5.
Featured image from zipmex. Charts from Tradingview