Thorchain is a 100% autonomous and decentralized liquidity protocol. It facilitates users to make crypto deposits and provides liquidity through yield farming. Users can also execute swap transactions on the Thorchain platform using web and desktop interfaces. RUNE is the native token of this ecosystem. Let us look at the technical analysis of RUNE.
On Jul 22, 2021, RUNE opened at $4.30. On Jul 28, 2021, RUNE closed at $4.66. Thus, in the past week, the price has increased by roughly 8%. In the last 24 hours, RUNE has traded between $3.90-$5.10.
Currently, RUNE is trading at $5.09. The price has increased from the day’s opening price of $4.66. Thus, the market seems bullish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.
Currently, the RSI indicator is at 62%. It faced rejection at 55% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the RUNE price.
However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.
In short, all three indicators have given bullish signals. Hence, the price is most likely to rise.
Currently, the price is above the first Fibonacci pivot resistance level of $5.01. The price may soon surpass the second and third resistance levels of $5.29 and $5.75, respectively.
The price has tested and broken out of the 23.6% FIB retracement level of $4.82. It may further break out of the 23.6% FIB extension level of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.