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- RUNE coin prices increased 275 % in April before the 35% rejection range was included.
- Thorchain coin has met with strong support zone near 0.382 Fibonacci level
- RUNE COIN price is near $14 with long-tail rejection implying bull run ahead
THORCHAIN COIN prices created a new high near $17 before facing a huge 30% rejection bringing down the price below $12. However, a long tail rejection from 0.382 Fibonacci level near $12 has pushed the price back up around $14. The 50 EMA(yellow) is above 200 EMA(white), implying an uptrend in the daily timeframe. However, the RSI is in the overbought zone in the daily timeframe. The market capitalization of the THORCHAIN is $3,253,294,757 (-10.33%) and the 24-hour volume is $176,359,668 (-12.03%).
BULLS ARE NOT GIVING UP YET
The price of the RUNE is in an uptrend from March-end. After making a high near $17, the RUNE coin met with a significant rejection and started to form a short-term downtrend for now. A symmetrical triangle formation can be observed in the 4-hour timeframe. A breakout of this pattern could lead the price higher and continue the higher high streak. A growth of 15% could be expected, but the fallout from this level could lead to a price fall near $10.
Decreasing volume in the downtrend might lead to higher buying volume with a breakout.
The 50 EMA (yellow) is above 200 EMA (white), implying an uptrend. 50 EMA has provided constant support to continue the uptrend.
The RSI is sloping down but is currently in the neutral zone. However, the RSI could spike along with breakout.
Conclusion
The symmetrical triangle pattern is indecisive as either side breakout is possible. The decrease in the downtrend and the EMA support indicates an upcoming breakout; however, the long wicks and RSI heading over the oversold region indicate a fallout.
Early traders must wait for the breakout and must not take entry in a hurry.
Support – $12 and mentioned levels
Resistance- $17 and mentioned trendline
