THORCHAIN Price Analysis: RUNE Bulls are Back to Push the Price

  • After experiencing some uncertainty, the RUNE price is again slowly regaining ground on the daily price chart.
  • The crypto asset is moving above the 20, 50 days average and is about to approach the 100-day one.
  • The RUNE/BTC pair is at 0.000116 BTC with a significant gain of 2.75%

The RUNE price after facing some uncertainty is now recovering slowly over the daily price chart. This can be a result of BTC domination, as the leader crypto currency started rallying bearishly which is followed by the other altcoins also following and this movement is supporting the bulls.

Though the recovery is very insignificant, still it is a sign of relief for the investors, so to make this recovery step faster the coin needs to attract some more buyers and the efforts should be consistent as the coin is prone to collapse. Speaking of trade volume, it has decreased by 26%, and the bulls should concentrate their efforts in this area as it is also a major factor that affects the price.

The current price for one RUNE token is trading at $2.84 which is a gain of 5.53% in its market capitalization in the last 24 hrs. The token has a trading volume of  139 million which is at a conspicuous loss of 36.38% in the 24 hrs trading session and a market cap of 937 million. The volume market cap ratio for RUNE is 0.1504.

What do Technical Indicators Suggest for RUNE?

The multiple EMA is about to give a positive crossover between the 20 and 50 days average, which is a strong signal for an upcoming bullish run over the daily chart.

The MACD supporting the above shows the buyer’s line is moving above the seller’s signal line and the gaps between them has started broadening along with the histograms which are growing green. The relative strength index is increasing continuously amid the active participation of the buyers to the market. The RSI value for RUNE is moving above 55.

Conclusion

The RUNE price after facing some uncertainty is now recovering slowly over the daily price chart. Though the recovery is very insignificant, still it is a sign of relief for the investors, so to make this recovery step faster the coin needs to attract some more buyers. The multiple EMA over the daily chart is exhibiting a positive cross which is attracting buyers and in support of the same the RSI and MACD are also indicating a bullish movement.

Technical levels

Resistance levels: $3.05 and $3.5

Support levels: $2.26 and $2.11

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.