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Vikram
Feb 17, 2022
by Vikram

RUNE Technical Analysis: Struggling Bulls Strive For a Trendline Breakout 

RUNE
Despite the RUNE prices trending lower under the influence of a supply-rich resistance trendline, bulls plan a sneak attack that may give a 30% price jump.

The RUNE coin price shows another bullish attempt to crossover the resistance trendline in action. However, the bulls struggle to overcome the sellers-dominated trendline as the uptrend faces intense selling pressure. Will the bullish attempt prove successful in changing the trend direction?

Key technical points:

  • The coin price sustains above the $100 mark.

  • The trend faces resistance from the 50-day EMA. 

  • The 24-hour trading volume in the Thorchain token is $248 Million, indicating a 75% rise. 

    • Past Performance of RUNE

    With the failure to sustain above the $6-$6.5 horizontal zone, the RUNE coin price depreciates by 40% within a week. The free fall finds support near the $3.5 mark resulting in a short-term consolidation.

    On 5th February, the bulls break above the range but fail to rise above the resistance trendline resulting in downfall to the $3.5 mark. However, the bulls regain momentum and challenge the trendline once again. 

    Currently, the RUNE coin price trades at $4.54, with a price jump of 4.23% in the last 24 hours as the uptrend rises again from $3.5. Therefore, the traders can shortly find the price rise above the supply-rich trendline.

    TradingView Chart

    RUNE Technical Analysis 

    The RUNE coin price can show a more than 25% post-breakout bullish rally and challenge the $6-$6.5 horizontal zone. However, the reversal possibilities from the trendline can become a reality.

    The RSI Indicator shows a bullish divergence in the past two dips at the $3.5 mark, projecting the possibility of a bullish continuation. Moreover, the slope growth from the oversold zone to reach the halfway mark showcasing a rise in bullish powers. 

    The MACD indicator projects a growth in the fast line as it avoids the bearish crossover. Furthermore, the lines approach the zero line with a bullish divergence evident in the past two encounters of the fast and slow line.

    The post-breakout rally may struggle to surpass the crucial 50-day EMA, providing dynamic resistance after the death cross. However, the breakout of the 50-day average can result in a bull run to the 200-day EMA in the RUNE/USD chart.

    In conclusion, the technical indicators indicate the rise in underlying bullishness. 

    Upcoming Trend

    The RUNE coin price action indicates a bullish revolt that challenges the highly influential resistance trendline. The post-breakout rally can reach a 30% growth and test the 200-day EMA. However, traders need to wait for the price action confirmation for an extra edge. 

    Support Levels:$3.5 and $2.15

    Resistance Levels: $6 and $8

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    RUNE Thorchain
    RUNE Technical Analysis: Struggling Bulls Strive For a Trendline 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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