<em><strong>The RUNE Technical Analysis signals a buying opportunity despite the bearish Monday, as the RSI highlights a bullish divergence.</strong></em>

The RUNE price action displays a consolidation range forming between the $1.78-1.5 mark for more than a month. Currently, the prices rest at the bottom support, but the bullish divergence in the RSI indicator promises a reversal possibility. So, should you consider buying at a lower level against the market trend?
<h3>Key Points:</h3>
<ul>
 	<li>The Thorchain price action shows a bear cycle gaining momentum within the consolation range.</li>
 	<li>The price dump challenges the bullish dominance at $1.5.</li>
 	<li>The intraday <a href="https://www.cryptoknowmics.com/news/why-trading-volume-matters-in-crypto-investment/" target="_blank" rel="noopener">trading volume</a> in Thorchain is $45.67 million.</li>
</ul>
<p style="font-weight: 400"><span style="font-weight: 400"><img class="aligncenter size-full wp-image-248393" src="https://s3.ap-southeast-2.amazonaws.com/www.cryptoknowmics.com/crypto/wp-content/uploads/2022/10/3A6FE162-D78B-4FD9-A4E2-50AC9726C2E5.png" alt="RUNE price chart" width="2314" height="1139" />
</span></p>
Source - <a href="https://www.tradingview.com/x/VpPrJQIA/" target="_blank" rel="nofollow noopener">TradingView</a>
<h2>RUNE Technical Analysis</h2>
The RUNE price action displays a remarkable downtrend under the influence of a resistance trendline resulting in a drop to $1.5. However, the bullish dominance at the psychological mark avoided a further decline in Throchain's market value leading to a consolidation range.

The consolation phase ranges between $1.5 and the overhead resistance of $1.78 and has kept the price trend trapped for a month. However, the recent increase in seeming pressure reflects an increase in undermining bearish sentiments.

Currently, the price action displays a Doji candle forming at $1.5, avoiding a bearish breakout. However, an increase in selling pressure will drop the Thorchain market price under the psychological mark of $1.50.

As per the Fibonacci trend retracement, a downfall below $1.50 will do the prices to the $0.60 mark. However, the psychological mark of $1 will remain a crucial support level and a potential bullish launchpad.

Conversely, if the bullish momentum increases, a reversal will dump the RUNE prices to the $1.78 mark.
<h2>Technical Indicators</h2>
The RSI indicator shows a declining trend in the nearly oversold zone as it reverses from the halfway line reflecting a stronger bearish side. Moreover, the fast and slow lines signal a bearish crossover as they merge in the negative territory with a declining trend in the bullish histograms.

Therefore, the RUNE technical analysis suggests that traders can find a selling opportunity shortly.

Resistance Levels - $1.778 and $2

Support Levels - $1.50 and $1

RUNE Technical Analysis: Double Bottom At $1.50 Teases Reversal

The RUNE technical analysis signals a buying opportunity despite the bearish Monday, as the RSI highlights a bullish divergence.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

RUNE Technical Analysis: Double Bottom At $1.50 Teases Reversal

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