RUNE Technical Analysis: Bulls Are Eager to Start the Rally
THORChain also combines various new technologies such as on-way state pegs, state machines, and the Bifrost Signer Module. This allows cross-chain token swaps to become seamless. All of this is behind the scenes, making it accessible even to inexperienced traders. The platform is not-for-profit-oriented as it generates fees directly for users. There are no provisions for the members of the team. Instead, the team is incentivized simply by holding RUNE — like everyone else.
Past Performance of RUNE
RUNE coin price trades between a range of $8-$11.5. The range may soon give a decisive breakout generating trading or investing opportunities. However, the long wick formations near the $11.5 project a gradual rise in underlying bearishness.
Source - Tradingview
RUNE Technical Analysis
At the time of writing, RUNE token price is trading at $9.58, with a downfall of 5.63% in the past 24 hours. The short-term retracement to $8 may provide enough bullish demand to rise above the consolidation. However, there is always some possibility of a breakdown.
Source - Tradingview
The price action analysis of THORChain cryptocurrency represents the recently made inverted head and shoulder pattern. On 20th August, the pattern gave a bullish breakout. Hence, the recent retracement is a retest of this breakout.
Investors may find this retest as an opportunity to enter with minimum risk and tight stop-loss. Upon successful retest, investors can expect a rise of more than 50%.
As per the pivot points, the coin price may find resistance near $11.5 and $14. Moreover, the support levels are at $8 and $5.
The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. In addition, the 200-day EMA is close to the $8 support level, which may help increase the bullish demand upon retest.
Currently, the RSI indicator is residing at 50.85% as it moves within the neutral territory. The RSI slope moves lower while the price is in a sideways trend. Thus, resulting in a bearish divergence.
Day-Ahead and Tomorrow
THORChain (RUNE) technical analysis suggests that the cryptocurrency may see a short-term retracement back to the support level before finding the bullish demand. Investors can enter upon successful retest to find the opportunity with minimum risk.