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- RUNE/USD climbs from a low of $16.2 to an ATH of $20.49, all in Wednesday’s intraday session
- The RUNE/BTC pair is currently trailing at 0.00033 with a gain of 5.50%
- THORChain has a circulating supply of 239,904,355 coins and a total market cap of $4,569,972,798, which ranks it at position #44 at press time
The bulls took over Wednesday’s intraday session, driving the price to secure a fresh ATH at $20.49 and a gain of 11.69% in 24 hours. RUNE is demonstrating the possibility of bearish divergence of the daily chart. Divergence will be confirmed once the location of the RSI closes inside the equilibrium zone.
According to pivot points, RUNE has discovered strong support at $15.40 (FIB 0.5), where most assets exhibit rebounds. The price action of RUNE appears to be confined inside a bullish continuation pattern known as the rising wedge. It is anticipated that today’s high will be accompanied by an accumulation phase inside the bullish structure. This move will likely stimulate RUNE to retrace down to the support of $17.58, which is a major confluence on account of resistance flipped into support.
However, if the bulls step up and manage to close the price above today’s high, it would invalidate the retracement scenario.
ThorChain sitting at strong rejection point on the 4-hour chart
RUNE/USD on the 4-hour chart is sitting at the rejection territory, where the momentum has been declined twice as a consequence of aggressive sellers. The asset’s failure to sustain above the $17.01 (FIB 0.5) would expose a bearish structure known as triple bottom. On the contrary, the price action suggests the possibility of a bullish pennant pattern, and a break towards the upside from the current resistance zone would reveal the psychological target of $23.36 (FIB 1.618).
The 4-hour RSI seems to be climbing into the overbought territory and is currently hovering in the range of 61. Most traders would consider an overbought RSI as a strong sell signal and would resume any further long positions for the short term. The Stochastic RSI on the weekly chat is depicting an impending bullish crossover.
CONCLUSION
THORChain Bull run is nowhere near extinction, and the asset will continue to acquire ATHs throughout the altcoin season. Even though the super trend indicator flashed a sell signal on the 4-hour chart, RUNE/USD is above all the key EMA’s on every time frame. The THORChain Swap is a fantastic addition to its network, where users can swap their digital assets for other assets. The fact that it is built as a cross-chain solution makes it possible to swap any asset using THORChain, which makes this network superior to other decentralized exchanges. The success of THORswap will act as a catalyst in plunging the price to the $100 milestone.
SUPPORT : $15.40, $17.58
RESISTANCE : $20.49 , $19.47
