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Vikram
Mar 2, 2022
by Vikram

RUNE Technical Analysis: Should You Consider Buying The Mainnet Launch Fueled Uptrend?

RUNE
RUNE coin price shows a phenomenal surge of more than 50% within 72 hours, reflecting a hoard of new buyers lining up and increasing the demand. 

Key technical points:

  • The RUNE coin prices break above $5

  • The RSI slope is on the verge of entering the overbought zone

  • The 24-hour trading volume in the Thorchain token is $454 Million, indicating a 571% rise. 

    • Past Performance of RUNE

    RUNE coin price puts an end to the short-term downtrend, breaks above the 50-day EMA close to $5, and challenges the 100-day EMA at $6. The rally comes after the prices stabilize at a $3.5 support level and allow the buyers to step in. The rally comes before the long-awaited launch of the mainnet and the integration with Terra. The integration comes with a BANG! to support all the Cosmos-based projects.

    TradingView Chart

    RUNE Technical Analysis 

    The RUNE coin price action shows a power struggle at $6, hinting at a halt in the news-based rally. However, the increased buying pressure evident by the jump in trading volume marks the possibility of an uptrend above $6.

    The rally breaks above 50-day EMA and shows a reversal in the trend, but the rally struggles to approach the 200-day EMA as the 100-day EMA challenges the bullish growth. However, the breakout of 100-day EMA seems inevitable, which will increase the chances of bullish crossovers.

    The MACD indicator shows the merged fast and slow lines diverging to get a bullish alignment as the fast line creeps into the positive territory. Moreover, the bullish trend in MACD histograms gains momentum, reflecting the growth in buying pressure. 

    The RSI Indicator slope shows a phenomenal surge from below the 14-day average to on the verge of crossing into the overbought zone. Moreover, the 14-day SMA line maintains the parabolic uptrend and may shortly surpass the 50% mark.

    In conclusion, the RUNE technical analysis forecasts a rally that may surpass the $6 mark.

    Upcoming Trend

    The RUNE coin price shows an increase in demand with the latest development in the company. Hence, traders can expect the breakout of $6 as another buying spot to capture the upcoming rally. 

    Support Levels: $5 and $4.5

    Resistance Levels: $6 and $6.75

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    RUNE Thorchain
    RUNE Technical Analysis: Should You Consider Buying The Mainnet Launch Fueled Uptrend?
    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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