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Vikram
May 31, 2022
by Vikram

RUNE Technical Analysis: Supply At Trendline Blows Out Demand Surge 

RUNE

Table of contents

  1. Past Performance of RUNE
  2. RUNE Technical Analysis
  3. Upcoming Trend
RUNE price chart shows a remarkable recovery from the $2 mark restarting the bull cycle and teasing a falling channel breakout rally to the $6 mark.

Key technical points:

  • The RUNE market value increased by 7.29% in the last 24 hours.

  • The bull cycle struggles to surpass the falling channel.

  • The 24-hour trading volume of Thorchain is $200 Million, indicating a hike of 102%.

    • Past Performance of RUNE

    The falling channel pattern keeps the bearish tension high on RUNE prices accounting for a downfall of 80% in the last two months. The downtrend reaches the bottom of $2.15 due to the selling spree before seeing a bullish resurgence as the overall market recovers. The bullish reversal jumps 35% in the last four days to reach the resistance trendline and the $3.50 resistance zone.

    TradingView Chart

    Source- Tradingview

    RUNE Technical Analysis

    The bullish reversal in RUNE price finds an increase in the number of buyers, evidenced by the trading volume growth. Therefore, the possibility of a bullish trend surpassing the resistance zone at $3.5 increases significantly.

    The Vortex indicator shows the VI lines on the verge of giving a bullish crossover which may shortly coincide with the resistance zone breakout. Moreover, a similar state is observed in the DMI indicator, increasing the chances of a bullish recovery in the upcoming hours.

    The MACD indicator shows a gradually increasing trend of fast and slow lines projecting a solid underlying bullishness.

    In short, the ongoing buying spree can propel the RUNE prices over the $3.5 resistance zone.

    Upcoming Trend

    Suppose the bearish pressure increases; we may shortly see an engulfing candlestick crossing under the $3.5 resistance zone and the falling channel pattern. This will drive the RUNE price lower to the next resistance level at $6. And, in the unlikely event of a reversal, the downside rally could reach the $2.15 mark.

    Resistance Levels: $3.5 and $6

    Support Levels: $2.15 and $1

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    RUNE Thorchain
    RUNE Technical Analysis: Supply At Trendline Blows Out Demand Surge 
    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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