RUNE Technical Analysis: Expect Price to Surpass the First Fibonacci Pivot Level of $19.59 Soon
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RUNE Technical Analysis: Expect Price to Surpass the First Fibonacci Pivot Level of $19.59 Soon

May 17, 2021      Ankita Awasthi

Thorchain is a fully autonomous and decentralized liquidity protocol. It facilitates users to make crypto deposits and provides liquidity to earn yield. Users can also execute swap transactions on the Thorchain platform using web and desktop interfaces.  RUNE is the native token of this ecosystem and its technical analysis is as follows:

Past Performance

On May 10, 2021, RUNE started trading at $17.89. On May 16, 2021, RUNE closed at $19.45. Thus, in the past week, the RUNE price has increased by roughly 9%. In the last 24 hours, RUNE has traded between $16.74-$19.46.

https://s3.tradingview.com/snapshots/z/zJkvJ3k9.png

https://s3.tradingview.com/snapshots/z/zJkvJ3k9.png

Day-Ahead and Tomorrow

Currently, RUNE is trading at $17.62. The price has decreased from the day’s opening price of $19.45. Thus, the market seems to be bearish.

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The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, overall market momentum has turned positive. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 60%. It faced rejection at 58% and is moving upwards. Thus, buying pressures are high. In other words, like the MACD indicator, the RSI oscillator is also pointing at an impending bearish trend reversal. Hence, the price is likely to start increasing.

The A/D indicator has fallen steeply but for the 40 minutes, it has been rising steadily. Thus, whale accumulations are slowly surpassing the whale distributions. When we look at the A/D indicator in conjunction with the other two oscillators, we can say that the RUNE price is poised for a price rise.

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RUNE Technical Analysis

The price is currently below the Fibonacci pivot point of $18.55. However, it may soon break out of the pivot point. We can expect the price to surpass the first Fibonacci pivot level of $19.59 after some time.

The price has tested and fallen below the 38.2% FIB retracement level of $17.77. It may fall below the 23.6% FIB retracement level of $17.38 too, before starting to rise. By, day end, if the price retests and breaks out of these levels, then the price uptrend may continue tomorrow as well.

#RUNE #Thorchain
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.