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THORChain Price Analysis: RUNE Gained 19% as the Cryptocurrency Market Weathers Some Calm Waves

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THORChain Price Analysis: RUNE Gained 19% as the Cryptocurrency Market Weathers Some Calm Waves

  • THROChain Price has gained around 19% of its market capitalization in the last 24-hour period.
  • The crypto asset is recovering towards the 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of RUNE/BTC is at 0.000101 BTC with an intraday gain of 11.97%.

THORChain price is rising towards a downward sloping line over the daily chart. However, the RUNE token got stuck inside a range-bound area over the daily chart. At first RUNE needs to recover out of the range-bound area then only the token can surge out of the downward sloping line. RUNE token is trying to escape the range-bound area with a strong uptrend momentum over the daily chart. THORChain has been bullish since the last three trading sessions and is now heading towards its breakout. 

THROChain price is presently CMP at $3.09 and has gained 19% of its market capitalization in the last 24-hour period. Trading volume has increased by 47.16% in the intraday trading session. This shows that buyers are getting attracted towards RUNE coin and hence RUNE is preparing for its breakout over the chart. Volume to market cap ratio is 0.1087.

THORChain Price Analysis: RUNE Gained 19% as the Cryptocurrency Market Weathers Some Calm Waves

Source: RUNE/USD by TradingView

THROChain price is rising inside a range-bound area with a strong uptrend momentum over the daily chart. RUNE coin price is trying to find its glitter as it is preparing for its breakout over the chart. However, volume change can be seen below average and needs to grow for RUNE to register its breakout. 

Support at the lower end is at $2.35 and resistance on the higher side is at $3.55. RUNE coin is struggling to break out of this range-bound area between $2.35 and $3.55. The token has been consolidating inside the range from the last few trading sessions. For the time being, RUNE is now trading with strong uptrend momentum to register its breakout and bulls also look pretty determined this time.

Will RUNE Break the Consolidation Phase?

THORChain Price Analysis: RUNE Gained 19% as the Cryptocurrency Market Weathers Some Calm Waves

Source: RUNE/USD by TradingView

As the whole cryptocurrency market is now weathering some warm and calming wind of recovery all over, after the dramatic fall due to the bear market. The hopes of cryptocurrency investors are again rising and altcoins have started rallying bullishly over the chart. RUNE coin is also rallying bullish over the daily chart. Technical indicators suggest bullish momentum of the RUNE coin. Relative Strength Index showcases that RUNE is heading towards neutrality and is returning from oversold territory.

MACD exhibits uptrend momentum of RUNE coin. The MACD line is ahead of the signal line after a positive crossover. 

Conclusion  

THORChain price is rising towards a downward sloping line over the daily chart. However, the RUNE token got stuck inside a range-bound area over the daily chart. At first RUNE needs to recover out of the range-bound area then only the token can surge out of the downward sloping line. RUNE coin is also rallying bullish over the daily chart. Technical indicators suggest bullish momentum of the RUNE coin. 

Technical Levels

Support Levels: $2.35

Resistance Levels: $3.55 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 


Source: ethereum.today

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