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Vikram
Feb 15, 2022
by Vikram

RUNE Technical Analysis: Reversal Rallies To The Resistance Trendline

RUNE
The buyers–dominated $3.5 support level halts the RUNE coin price's downtrend and pushed the price higher to the resistance trendline. Will the long-coming resistance trendline fall because of the newly found demand?

Key technical points:

  • The 50-day EMA provides dynamic resistance and keeps bullish growth in check.

  • The Stochastic RSI indicator gives a bullish crossover in the daily chart. 

  • The 24-hour trading volume in the Thorchain token is $35 Million, indicating a 6% rise. 

    • Past Performance of RUNE

    RUNE coin price trades at $4.26 with a price jump of 9.52% in the last 24 hours, resulting in another bullish attempt to rise above the resistance trendline. The bullish demand met near the $3.5 stands firm against the bearish attack, for now, delaying the forecast in our previous article. 

    TradingView Chart

    RUNE Technical Analysis 

    The RUNE coin price takes support slightly above the $3.5 horizontal level, leading to a bullish reversal to the long-coming resistance trendline. Let us now see what the technical indicators suggest above the upcoming trend. 

    The Thorchain coin prices struggle to rise above the crucial 50-day EMAs despite multiple bullish attempts in the past months. Hence, the EMAs in the bearish alignment showcase a bearish trend in action.

    The RSI Indicator shows the slope spiking suddenly to reach the 14-day and cross above the 40% mark. Moreover, the slope gives a bullish divergence indication projecting a possible bull run. 

    The Stochastic RSI indicator indicates a rise in the underlying bullishness as the K and d lines give an early bullish crossover. Hence, the early start of the bullish cycle hints at a retracement to the resistance trendline. 

    In a nutshell, the technical indicators project a possible retracement to the resistance trendline. 

    Upcoming Trend

    The RUNE coin price sustains above the $3.5 mark as it shows a reversal to the resistance trendline. Hence, the short–term trend seems to be bullish, but the breakout of the descending triangle will decide the upcoming long-term trend.

    Support Levels:$3.5 and $3

    Resistance Levels: $5 and $6.15

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    RUNE Thorchain
    RUNE Technical Analysis: Reversal Rallies To The Resistance Trendline
    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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