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•RUNE/USD is currently priced at $1.48 and has increased by 4.46% over the past day
•The trading volumes have increased by 7.67% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Will the RUNE bulls be able to sustain the tempo?
The THORChain price today is $1.48 USD with a 24-hour trading volume of $46,517,614 USD. THORChain is up 4.46% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.09492 for the altcoin.
Amid the wider cryptocurrency market turbulence, THORChain bulls have stood firm and have coped well under pressure. The asset has remained clear of the hovering bears and the strength of the rally is depicted by the THORChain price currently transacting above the 20,50 SMA on the four hour chart. The bulls will be eager to sustain the momentum and climb towards the $2 threshold which will stamp their authority in the market. The support, on the other hand, is placed at $1.20 for the altcoin.
Long Term View for THORChain
THORChain has been in a consolidated uptrend for the better part of the past month which is depicted by the continued presence of the green histograms on the daily chart. The positive outlook is complemented by the move of the MACD and signal lines into the positive territory. The continued resilience of the RUNE bulls is at show in the market and is pushing the RSI towards the overbought territory, currently transacting at 63.61.
Conclusion
The RUNE Price action has ruffled some bearish feathers over the past couple of days as the bears have tried and faltered repeatedly. The technical indicators suggest that the altcoin is likely to continue its upward trajectory in the near term.
Support: $1.20-$1
Resistance: $1.70-$2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
