Thorchain Shows A Glimpse Of Hope, Are The Green Days Near?
October 04 2022 - 9:20AM
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RUNE price could be ready to break out from the downtrend as price
gears up for a short-term recovery creating more bullish sentiment.
RUNE looks strong on the low timeframe. The price of RUNE
attempts to break and hold above 8 and 20 EMA on the daily
timeframe. Thorchain (RUNE) has shown little or no recovery sign in
recent weeks, but that could change as the price gears up for a
rally against tether (USDT). Previous weeks for the crypto space
have been slow as most altcoins, and major cryptocurrencies like
Bitcoin (BTC) continued to move in a range. The month looks
promising, with altcoins, including Thorchain (RUNE), bouncing off
from their low with high hopes of a rally with the current shift in
trend. (Data from Binance) Related Reading: Maker (MKR) Continues
Its Positive Moves, Neglecting Weekly Market Trend Crypto Market
Outlook For most crypto projects as altcoins, including RUNE,
the new month has been more of a relief. The price of Bitcoin has
led the market, rising from a low of $18,800 to $20,100. With the
market looking more promising for crypto assets, we may see more
cryptocurrency recovery, as the previous month prevented major
altcoins from rallying. Thorchain (RUNE) Price Analysis On The
Weekly Chart The price of RUNE in recent weeks did not show the
strength as seen in other altcoins like Cosmos as the price
continued to decline to its weekly low of $1.5. After rallying from
a low of $3 to a high of $12, the price of RUNE faced rejection as
it was unable to break above $12, acting as resistance to the price
of RUNE and the area of supply. The price has since struggled to
find support as the price declined to a weekly low of $1.5 with
what looks like a demand zone for more buy orders. RUNE price
bounced off this region to $1.6 as price prepares for a rally from
this area. Although the price continues in a range trying to break
out, it looks promising as there have been more buy orders than in
recent weeks. Weekly resistance for the price of RUNE – $1.8-$2.
Weekly support for the price of RUNE – $1.5. Price Analysis Of RUNE
On The Daily (1D) Chart On the daily timeframe, the price of RUNE
remains bullish as it attempts to flip the resistance at $1.8 and
break out with good volume. The price of RUNE is currently trading
at $1.65, with resistance to breaking above the 8 and 20-day
Exponential Moving Averages (EMA), which act as resistance zones
for the price of RUNE. The prices of $1.6 and $1.66 correspond to
RUNE’s 8 and 20-day EMAs, respectively. Daily resistance for the
RUNE price – $1.66-$1.8 Daily support for the RUNE price – $1.5.
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