THORChain (RUNE) Ready For 20% Climb Before Next Correction
August 05 2022 - 1:04AM
NEWSBTC
Cross-chain exchange THORChain (RUNE) price registers a gain of
8.12% seen in the past two days. Amazingly, RUNE price maintains
its bullish streak as it sprints above the rising parallel channel
pattern. More so, a reversal seen at the support trendline
may also ignite a bull run as it hammers through the resistance
trendline. On the other hand, referring to the technical analysis,
this particular pattern may trigger a price correction following a
breach from the bottom trendline. EMAs are seen at $2.5 showing
strong resistance on the downside. Thorchain’s 24-hour trading
volume registered a loss of 44.6% or $291.6 million. Related
Reading: Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3
Hackathon THORChain To Breach Resistance Trendline The RUNE/USDT
pair is seen to recover on June 18 when it was able to rebound from
its low of $1.45. RUNE price has set an ATH of $3.04 or a growth of
108% in the past six weeks ever since it bottomed out. More so, the
massive sell-off which happened over the weekend also prompted a
minor correct in the pattern. The confluence support served as a
buffer which pumped up RUNE price by 5.66%. According to
CoinMarketCap, RUNE currently trades at $2.69 or a decline of 1.70%
as of this writing. However, with the channel pattern, the coin
should spike by 22% to punch through the overhead line. In the most
favorable conditions, RUNE price may be able to break through the
resistance line and speed up the bullish movement. But,
theoretically, the rising channel pattern most likely points to a
bearish momentum especially once RUNE breaks through the support
line. With that in mind, the RUNE price is prone to more correction
if in case it breaches the lower trendline. The two RSI peaks show
some slowdown in bullish perspective. In any case, when the
divergence intensifies, traders may have better validation of an
impending correction. Judging by the 20- and 50-day EMAs shooting
for a crossover spotted at $2.5, increasing chances of recovery
above the resistance line is expected. DeFi Tokens Like RUNE On
Revival DeFi tokens like RUNE, SNX, and LDO are in a point of
revival. RUNE registered an 11.51% spike on August 3. Although they
have not drifted above the red lines, RUNE as well as other DeFi
protocols has made a significant leap so far. In other news,
THORChain has recently flipped trip switch that will kill the
support of both the RUNE BEP-2- and ERC-20-based variants. The IOU
tokens are now being swapped for the native RUNE token following
THORChain’s mainnet that happened last month. The old tokens
will lose its value in the next 12 months so these tokens will be
automatically upgraded to the native RUNE. This move was initiated
to further decentralize the network. Related Reading: Polygon, In
Steady Bullish Trend, Could Jack Up MATIC To $1.5 RUNE total market
cap at $885 million on the weekly chart | Source: TradingView.com
Featured image from Coinpedia, chart from TradingView.com
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