ThorChain (RUNE) and Avalanche (AVAX) Technical Analysis: What's Next?
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Avalanche (AVAX)
The Avalanche platform is more of an umbrella offering several DeFi-related services ranging from trading, issuing of financial assets, and more. Its native currency AVAX is the subject of this technical analysis.
Past Performance of AVAX
The AVAX/USD is oscillating within a $4 zone with support and resistance at $26 and $30, respectively.
Technically, bulls are in control with decent trading volumes, which rose 51 percent to $132 million on the last trading day.
Day-Ahead and What to Expect
From candlestick arrangement and AVAX/USDT technical analysis on the daily chart, buyers are in control.
AVAX is changing hands at $30, adding roughly eight percent across the board. It is up double digits versus BTC and USD on the last trading week. AVAX remains in an uptrend, rebounding after a three-bar bullish reversal pattern of Apr 24 to 26.
AVAX/USDT Technical Analysis
AVAX bulls are in control. After deep losses in late April, AVAX bulls are flowing back, rebounding from the 61.8 percent Fibonacci retracement—at around $23-- of the Q1 2021 trade range. The immediate target for buyers is March highs of around $40.
ThorChain (RUNE)
In the age of interoperable trustless trading with impermanent loss-preventing measures, ThorChain is a leader. Its governance token is RUNE.
Past Performance of RUNE
The trading platform recently launched. RUNE is presently bound in a $2 zone with caps at $13 and $15, respectively.
The path of the least resistance remains northwards. On the last day, participation is within an acceptable range, rising 41 percent to $152 million.
Day-Ahead and What to Expect
RUNE is changing hands at $15, adding a ballpark eight percent versus BTC, ETH, and USD. Technically, the uptrend remains valid.
However, RUNE/USDT remains boxed in a tight $7 trade range with visible support and resistance at $10 and $17, respectively.
Provided RUNE is in this zone. Since the 20-day moving average remains as the primary loading zone as it has been, RUNE buyers have a chance.
RUNE/USDT Price Forecast
Participation tapered in the last few days without affecting the primary trend. As a result, RUNE bulls may opt to load the dips with immediate targets at $17 in confirming the reversal from late April. A surge past $17 opens up RUNE/USDT to $22—the 3.618 Fibonacci extension level of the Q1 2021.