Thorchain is a <a href="https://www.cryptoknowmics.com/news/thorchain-rune-price-prediction-2021-2025-is-rune-set-to-reach-5-by-2021/">100% autonomous and decentralized liquidity protocol</a>. It facilitates users to make crypto deposits and provides liquidity through yield farming. Users can also execute swap transactions on the Thorchain platform using web and desktop interfaces. RUNE is the native token of this ecosystem. Let us look at the technical analysis of RUNE.
<h2><b>Past Performance</b></h2>
On Jul 22, 2021, RUNE opened at $4.30. On Jul 28, 2021, RUNE closed at $4.66. Thus, <a href="https://www.cryptoknowmics.com/news/terra-luna-and-thorchain-rune-technical-analysis-what-to-expect/">in the past week</a>, the price has increased by roughly 8%. In the last 24 hours, RUNE has traded between $3.90-$5.10.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/y/YNm91YRU.png" alt="https://s3.tradingview.com/snapshots/y/YNm91YRU.png" width="1359" height="643" />

<a href="https://s3.tradingview.com/snapshots/y/YNm91YRU.png">https://s3.tradingview.com/snapshots/y/YNm91YRU.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
Currently, RUNE is trading at $5.09. The price has increased from the day’s opening price of $4.66. Thus, the market seems bullish.

The <strong>MACD and signal lines</strong> are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the <strong>RSI indicator</strong> is at 62%. It faced rejection at 55% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the RUNE price.

However, the <strong>OBV indicator</strong> is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, all three indicators have given bullish signals. Hence, the price is most likely to rise.
<h2><b>RUNE Technical Analysis</b></h2>
Currently, the price is above the <strong>first Fibonacci pivot resistance level</strong> of $5.01. The price may soon surpass the second and third resistance levels of $5.29 and $5.75, respectively.

The price has tested and broken out of the <strong>23.6% FIB retracement level</strong> of $4.82. It may further break out of the <strong>23.6% FIB extension level</strong> of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.

RUNE Technical Analysis: Look Out for the Second and Third Resistance Levels of $5.29 and $5.75

RUNE has tested and broken out of the 23.6% FIB retracement level of $4.82. It may further break out of the 23.6% FIB extension level of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

RUNE Technical Analysis: Look Out for the Second and Third Resistance Levels of $5.29 and $5.75

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