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Sanjay Shukla
Nov 18, 2022
by Sanjay Shukla

RUNE Technical Analysis: Will Recent Price Rebound Trigger Further Recovery?

RUNE Technical Analysis
The RUNE technical analysis displays a bullish trend in the market with prices waiting for another bullish breakout to move above $1.25, as RSI moves between the midline and overbought boundary.

THORChain (RUNE) has been on a downtrend since the last week which accounted for a drop of 1.76% in the last 7 days. However, RUNE rebounded by registering a splendid growth of 2.6% in the last 24 hours. With a current trading price of $1.21, RUNE surged 0.6% in the last hour with persistent bullish momentum. With a circulation supply of 300 million RUNE tokens, the 24-hour trading volume declined by 38% to reach $21.51 million. However, the rise of 2.52% in the market cap of RUNE to $ 390.96 million,  supports the bull cycle in the market. 

Key Points

  • RUNE price actions display uptrend momentum teasing to break above $1.25

  • On the daily chart, the 200-day SMA teases RUNE to indicate an underlying bullishness 

  • The intraday trading volume in RUNE is $21.51 million, reflecting a fall of 38%

    • TradingView ChartSource: Tradingview

    RUNE Technical Analysis

    RUNE price actions display an uptrend in the market despite the balance between demand and supply. RUNE has made a remarkable recovery after hitting its 3-month low of $1.02 earlier this month during the recent crypto crash but pulled back before breaking the $1 support. However, RUNE is still far behind to regain its previous level by breaking above the mark of $1.50. If RUNE price actions manage to spear another bearish breakout the prices are expected to break above the $1.25 zone, bringing buying opportunities for traders. Conversely, if RUNE loses momentum, it may again slide below $1.20, making support and a potential bullish launchpad at $1.

    Technical Indicators

    After sharply diving down from the overbought boundary, making a bearish divergence, RSI makes a reverse movement above the midline at the range of 53, indicating a balance between demand and supply. On the other hand, MACD teases a bearish crossover on a bullish histogram which starts declining, signaling a downswing in the momentum. 

    Therefore the technical indicators show that there is still a sizeable amount of demand with RSI moving above 50, while the 200-day SMA teasing the RUNE price actions, it is unable to refute the uptrend in the market. 

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    RUNE Technical Analysis: Will Recent Price Rebound Trigger Further Recovery?
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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