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Vikram
Apr 26, 2022
by Vikram

RUNE Technical Analysis: Buyers Prepare A Double Bottom Breakout

RUNE
With a sharp reversal from the support trendline, the RUNE coin price is ready to outgrow the symmetrical triangle pattern in the daily chart. 

Key technical points:

  • RUNE prices sustain above the 200-day EMA.

  • The price action hints at a double bottom breakout. 

  • The 24-hour trading volume of Thorchain is $227 Million, marking an 88% rise. 

    • Past Performance of RUNE

    RUNE coin price finds constant support from the merged 100 and 200-day EMA at $7.75 with the recent 8.25% bullish candle. The sideways movement above the merged EMAs continues after the 38% downfall observed near the $12 mark. 

    TradingView Chart

    RUNE Technical Analysis 

    RUNE price action shows a double bottom pattern with a neckline at $9.25, and the bulls must surpass it for an upside continuation. Moreover, the bullish commitment is evident in the jump in trading volume, increasing the chances of an upside breakout. 

    The crucial daily EMAs maintain a bullish alignment with the merged 100 and 200-day EMA providing a solid support area. Hence, if the prices sustain above the 50-day EMA, a bullish continuation is possible. 

    MACD Indicator: Despite the decreasing bearish spread, the MACD and signal line fail to give a bullish crossover and cross into the negative territory. 

    RSI Indicator:  The RSI slope moves sideways in the nearly oversold zone, with a couple of fakeouts above the halfway mark. 

    Hence, the technical indicators reflect a sideways move with increased underlying bearish influence.

    In a nutshell, the RUNE technical analysis shows a solid support level of merged EMAs holding back the underlying bearishness. 

    Upcoming Trend 

    As the RUNE coin price shows a bullish reversal from the merged EMAs, it struggles to sustain above the 50-day EMA. Instead, the reversal strives to rise higher to surpass the bullish pattern’s neckline at $9.25. Hence, traders looking for a breakout entry opportunity must wait patiently with a target of $10. 

    Resistance Levels: $9.25 and $10

    Support Levels: $7.75 and $6.5

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    RUNE Thorchain
    RUNE Technical Analysis: Buyers Prepare A Double Bottom Breakout
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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