RUNE coin prices experience a boom in buying pressure as the uptrend breaks above $12. Will the buyers sustain pressure for the $13 breakout?

Key technical points:
<ul>
 	<li style="font-weight: 400">RUNE prices break above the $12 mark.</li>
 	<li style="font-weight: 400">Next, the 50 and 100-day EMA gives a bullish crossover.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Thorchain is $470 Billion, marking a 65% rise.</li>
</ul>
<h2>Past Performance of RUNE</h2>
RUNE coin prices show a solid uptrend as buying pressure increases, evidenced by the bullish engulfing candlesticks in the daily chart. The rally marks a price jump of 250% last month, resulting in the breakout of the $12 mark. The rally continues after the recent retest of the $10 breakout and shows a follow-through candle in the making with a rise of 3.22%.

<img src="https://s3.tradingview.com/snapshots/2/20pr20Kt.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/20pr20Kt/">Tradingview</a>
<h2>RUNE Technical Analysis </h2>
RUNE prices showcase a rounding bottom pattern in the daily chart, with the neckline at the $13 mark. The bullish pattern breakout could result in a price jump to the previous swing high of $16, accounting for a 25% rise.

The crucial daily EMAs (50,100 and 200) reinstate an upside trend and are rising to regain the positive alignment. The 50-day EMA surpasses the other two EMAs bringing bullish crossover. Hence, with the bullish crossover of 100 and 200-day EMA, the bullish alignment will be complete and provide solid support to any upcoming price falls.

RSI Indicator: The RSI slope creates higher highs in the overbought territory with frequent dips to the 70% border. Moreover, the 14-day SMA sustains above the 70% mark, reflecting the solid underlying bullishness.

In a nutshell, the RUNE technical analysis maintains a bullish bias despite the higher price rejection seen in the daily candles from the $13 mark.
<h2>Upcoming Trend </h2>
The RUNE coin price shows daily candles forming long-wick formation due to the increased selling activity near the $13 mark. Nonetheless, the bullish approach continues that may shortly surpass the $13 neckline. The breakout rally will have the potential for a 25% jump and reach the $16 mark if the buyers retain trend control.

Support Levels: $11.5 and $10

Resistance Levels: $13 and $16

RUNE Technical Analysis: Wild Buying Spree Breaks $12 Mark

RUNE coin prices experience a boom in buying pressure as the uptrend breaks above $12. Will the buyers sustain pressure for the $13 breakout?

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: Wild Buying Spree Breaks $12 Mark

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