THORChain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. According to an official representative of THORChain, the platform has no CEO, no founder, and no directors. Instead, the further development of the platform is organized through GitLab. On top of this, those currently working on the project are largely anonymous.

Let us look at the technical analysis of RUNE.
<h2><b>Past Performance of THORChain</b></h2>
RUNE has had its share of price adjustments. RUNE initially had a 1 billion max supply when tokens were first minted in June 2019. But in October 2019, the project opted to burn all of the “unused” reserve RUNE, which when combined with the tokens burned through Project Surtr amounted to 50% of the initial max supply. RUNE opened on October 23, 2021, at $10.85. It closed on October 29, 2021, at $13.58. Thus, the price of RUNE increased by 25.16% <a href="https://www.cryptoknowmics.com/news/rune-technical-analysis-uptrend-preps-to-break-20-mark/">over the week</a>. It traded between $12.79 and $14.57 in the last 24 hours.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/x/XXjH5Z2y.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/XXjH5Z2y/">https://www.tradingview.com/x/XXjH5Z2y/</a>
<h2><b>RUNE Technical Analysis</b></h2>
RUNE has broken all the previous resistances at $9.273 and $11.331. Thus, heading for the continuation of the uptrend. The movement of the price has been majorly above the trend line, which is a positive signal. Currently, it is trading at $14.46, which is 6.61% higher than yesterday’s close. This is again a positive signal. Let us see what the oscillators have to say.

<strong>OBV</strong> is showing that the buying volume is increasing daily, and the selling volume is not able to dominate it. This puts pressure on the price to move upwards.

<strong>RSI</strong> is at 73.96%, and it is moving upwards as well. This again shows that the buying pressure is dominating, and the strength is increasing. However, RSI has also entered the overbought region, which means a trend reversal can be seen anytime.

<strong>MACD</strong> is showing that the histogram has bars of similar sizes and both the lines are positive. This confirms the ongoing uptrend and gives a bullish signal as well.
<h2><b>Day-Ahead and Tomorrow</b></h2>
On the 20th of every month, the team gathers input from the community to determine whether unallocated RUNE should be burned. A measure of the Liquid Supply Curve is calculated. It does not include tokens removed through the burn program, as the total burned each month is unpredictable. Thus, the indicators are showing that the bulls have more power to dominate the market than bears. The traders can take a long position while keeping the target at $19.350 and stop-loss at $11.

FIB Numbers suggest that the price took recent support near the Fib pivot point at $12.48. The Next Fib level is at 16.27.

RUNE Technical Analysis: Price Took Recent Support Near the FIB Pivot Point at $12.48

RUNE bulls have more power to dominate the market than bears. The traders can take a long position while keeping the target at $19.350 and stop-loss at $11.

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.

RUNE Technical Analysis: Price Took Recent Support Near the FIB Pivot Point at $12.48

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