ThorChain is a decentralized liquidity protocol and a yield farming solution. In other words, users can deposit their digital currencies in exchange for yield. Besides, it is an easily verifiable and autonomous network. RUNE is the in-house token of this ecosystem. The technical analysis of RUNE is as follows.
On Jun 3, 2021, RUNE opened at $12.38. On Jun 9, 2021, RUNE closed at $9.73. Thus, in the past week, the RUNE price has decreased by roughly 21%. In the last 24 hours, RUNE has traded between $9.35-$10.
Day-Ahead and Tomorrow
Currently, RUNE is trading at $9.93. The price has increased from the day’s opening price of $9.73. 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 61%. It faced rejection at 65% and fell to the current level. However, buying pressures are still high. Hence, the RSI oscillator is giving further credence to the bullish market momentum indicated by the MACD oscillator.
Besides, the OBV indicator is upward sloping too. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the RUNE price. In short, all three oscillators have given positive signals.
RUNE Technical Analysis
Currently, the price is above the Fibonacci pivot point of $9.69. The price may soon surpass the first and second resistance levels of $9.94 and $10.09, respectively. If the bulls remain strong, the price may even break out of the third resistance level of $10.34.
The price has tested and broken out of the 23.6% FIB retracement level of $9.85. It may soon break out of the 23.6% FIB extension level of $10.15. Thus, as of now, the bulls seem strong. Hence, the rising price trend is expected to continue tomorrow as well.