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Vikram
Mar 30, 2022
by Vikram

RUNE Technical Analysis: Wild Buying Spree Breaks $12 Mark

RUNE
RUNE coin prices experience a boom in buying pressure as the uptrend breaks above $12. Will the buyers sustain pressure for the $13 breakout?

Key technical points:

  • RUNE prices break above the $12 mark.

  • Next, the 50 and 100-day EMA gives a bullish crossover.

  • Finally, the 24-hour trading volume of Thorchain is $470 Billion, marking a 65% rise.

    • Past Performance of RUNE

    RUNE coin prices show a solid uptrend as buying pressure increases, evidenced by the bullish engulfing candlesticks in the daily chart. The rally marks a price jump of 250% last month, resulting in the breakout of the $12 mark. The rally continues after the recent retest of the $10 breakout and shows a follow-through candle in the making with a rise of 3.22%.

    TradingView Chart

    RUNE Technical Analysis 

    RUNE prices showcase a rounding bottom pattern in the daily chart, with the neckline at the $13 mark. The bullish pattern breakout could result in a price jump to the previous swing high of $16, accounting for a 25% rise.

    The crucial daily EMAs (50,100 and 200) reinstate an upside trend and are rising to regain the positive alignment. The 50-day EMA surpasses the other two EMAs bringing bullish crossover. Hence, with the bullish crossover of 100 and 200-day EMA, the bullish alignment will be complete and provide solid support to any upcoming price falls.

    RSI Indicator: The RSI slope creates higher highs in the overbought territory with frequent dips to the 70% border. Moreover, the 14-day SMA sustains above the 70% mark, reflecting the solid underlying bullishness.

    In a nutshell, the RUNE technical analysis maintains a bullish bias despite the higher price rejection seen in the daily candles from the $13 mark.

    Upcoming Trend 

    The RUNE coin price shows daily candles forming long-wick formation due to the increased selling activity near the $13 mark. Nonetheless, the bullish approach continues that may shortly surpass the $13 neckline. The breakout rally will have the potential for a 25% jump and reach the $16 mark if the buyers retain trend control.

    Support Levels: $11.5 and $10

    Resistance Levels: $13 and $16

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    RUNE Thorchain
    RUNE Technical Analysis: Wild Buying Spree Breaks $12 Mark
    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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