ThorChain (RUNE) revealed accumulation from its lower trajectory mark of $3 and could cross the trendline hurdle of $5. Traded inside a falling wedge pattern, the correction wave had completed, and the RUNE coin price was set to go higher.
Its technicals have reflected a positive crossover, which implies a potential reversal ahead. Once RUNE breaks and closes above the $5 mark, a confirmed reversal would lift the token toward its 38.2% Fib level near the $6.20 mark.
The RUNE token has comfortably held gains beyond the 20-day EMA mark and attempted to cross the 50-day EMA mark. Its leading and lagging indicators indicated that the short-term upmove was intact, and the token could sprint to higher levels ahead.
Fueled by the recovery and renewed positive sentiment across the crypto market, most altcoins have noticed a significant recovery. RUNE was one of those altcoins with over 30% recovery this week.
How is RUNE Price Performing?
At press time, the RUNE price traded at $4.45 with an intraday surge of 3.26%, reflecting buyer accumulation on the charts. Its trading volume rose over 20% to $1.34 Billion in the last 24 hours.
The pair of RUNE/BTC was at 0.0000687 BTC, and the market cap was $1.34 Billion. Analysts seemed neutral and suggested that the RUNE price may register a falling wedge breakout and reach the $6 mark soon.
RUNE Seems Primed for a Breakout: Can Bulls Make It Happen?
Traded near the verge of its trendline hurdle of $5, the RUNE token was set for a massive breakout. A sharp rally could be possible once the token establishes the paws beyond the $5.20 mark.
RUNE Price Chart Source: Santiment
Per the Fib levels, RUNE had an immediate hurdle at the $5.70 level at press time, where sellers have made their solid grip.
CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) in his X post shared:
$RUNE – A speculative idea. Not financial advice. pic.twitter.com/j0emCeVPiM
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) July 17, 2024
Weighted Sentiment and Volatility Data Overview
The Weighted Sentiment data was still in the negative region, noted at -0.721, which implies a lack of clarity among the investors.
The Price volatility data signified flat movement, revealed no major speculation, and buyers started the accumulation, resulting in a slow & steady rise.
Its RSI curve reflected a positive crossover and floated in the overbought zone. A rising RSI implied that buying pressure was imminent.
Social Insights Stayed Flat
Amidst the significant upmove, the social dominance data remained near 0.072%. It signified no considerable investor interest and the online discussion activity on the social media platforms.
The Development activity data revealed a follow-on decline from its peak and displayed a dip. That reflected the primary concern in the ecosystem and could impact the token price ahead.
The open interest data climbed over 7% to $51.56 Million with the rise in the spot price, giving a bullish conviction.
Investors made fresh longs in the token and anticipated a rise beyond the $5 mark.
When writing, the immediate support levels for the RUNE token were $4.20 and $4, whereas the key upside hurdles were around $5.10 and $5.90.
What To Expect From Rune Ahead?
The RUNE token price gained momentum and was on the brink of a massive breakout. Investors had begun to accumulate and were willing to add more longs. A significant rally might be triggered if the RUNE coin price crosses the $5 mark.