Deepika- The price is expected to be bullish after getting a bit of consolidation.
- After a good bearish trend, the price has recently taken a breakout at its 50 EMA and 100 EMA levels (on a daily basis).
For the THORChain network, RUNE is the native token. It stands for a multifunctional universal token that supports all THORChain network features and facilitates protocol execution. Trading, bonding for validator nodes, and governance are all performed with RUNE.
THORChain (RUNE): An Upcoming Bullish Trend
RUNE is currently trading at $1.098, a 3.88% gain on a daily basis, and it has a total 24-hour trading volume of $78.82K.
From the above chart, one can see that the RUNE coin has been on a bearish trend for a long time, but now, certainly, it has started to rebound by taking a bounce from its support level and buyers have started to move up its price.
Exponential Moving Average (EMA) and Moving Average Convergence and Divergence (MACD)
For a long time, the THORChain currency was trading below its 50, 100, and 200 EMA levels but now it has taken a breakout at its 50 EMA and 100 EMA level. A further increase in the price till its 200 EMA level may also result in a convergence of 50 EMA over 100 EMA. If the price takes a break-out at 200 EMA, then it will get into further highs, or else it may enter into a consolidation between its 100 EMA and 200 EMA levels.
In the MACD (12 and 26) curve, there is a convergence of the fast line to the slow line and hence, indicating a possible bullish trend in the price.
In the month of June 2023, there has been a strong convergence in the 12 and 26 levels. At that time, the RUNE price had a breakout at the support level. Since then, it has been consistent and has witnessed a good bullish trend which is expected to continue further.
Relative Strength Index (RSI)
Along with the MACD convergence, the RSI has also been on the rise and it is currently at 70.32. The RSI level is entering into an overbought zone and hence, the buyers are expected to get aggressive on the RUNE currency and move its price further high. However, if the price enters that zone, then after a certain limit, it may again start consolidating.
Candlestick Patterns
The candlestick patterns indicated above show the signals of the price going up as they are forming a bullish trend.
Conclusion
Overall, by looking at all the above indicators, it can be said that the price outlook for RUNE is positive and is expected to move in a bullish trend for the upcoming few weeks. However, it may come into a consolidation phase as the trading volume is not very high.
Technical Levels
- Resistance levels: $1.51 and $1.71
- Support level: $0.998 and 0.778
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
