RUNE price was in a long-term declining phase for the past six months declined forming lower highs and lower lows. The price lost nearly 60% of its value between February to June 2023 to hit a new swing low.
Thereafter, the price received buying volume and surged followed by a consolidation. Recently, the price made a breakout after the consolidation inviting other buyers to step into the market. The increased buying volume created an imbalance that led to a price surge of 80% in the past 2 weeks.
Thorchain (RUNE) is a protocol that lets users swap crypto assets across different networks without giving up their custody. THORChain does not use order books to provide liquidity but rather adjusts market prices based on the asset ratio in a pool. THORChain enables permissionless and trustless trading of any crypto asset.
The RUNE price is currently trading at $1.70 with a decline of 2.75% in the past 24 hours. Thorchain holds a total market cap of $577.8 Million and ranks 61st in the crypto market.
The RUNE token has a trading volume of $140.1 Million with a decline of 39.49% over the past 24 hours. It has over 340.6 Billion tokens in circulating supply. The volume-to-market cap ratio of the Thorchain token is 23.74% indicating high volatility in the market.
RUNE Price Prediction Using Price Action Strategy
The RUNE price surged 80% in the past 2 weeks to reach a previous supply zone from where the token may experience selling pressure. Also, the short-term gain may trigger a profit booking. Technical analysts advise a buy-on-dip trading strategy if the price takes a pullback.
The price has shifted its long-term trends to an uptrend. However, the coin has already made a surge of 80%. Hence, it may try to consolidate or head to a pullback.
Technical Indicators signal the continuation of the Ongoing Trend.
At the time of publishing, the RSI value of the Thorchain token is 76.2 and that of the SMA line is 75.8. RSI is showing a divergence indicating a possible correction in the price in the upcoming sessions.
As per the EMA analysis, the Thorchain price is trading above 200 and 50 EMA both indicating a strong uptrend prevailed in the market. The ema may now act as a support if the price declines.
MACD lines have made a bullish crossover. Also, Histogram bars are being formed above the mean line and of decreasing height indicating shows weakness in the uptrend for now and the price may halt.
Conclusion
RUNE price prediction concludes that the price dropped 60% from February to June 2023, then rebounded and broke out of consolidation. The price soared 80% in two weeks, reaching a previous supply zone where it may face selling pressure. The price may also pull back due to profit booking. Technical analysts suggest buying on dips. The price has changed its long-term trend to bullish, but it may consolidate or correct after the sharp rise.
Technical Levels
- Support levels: $1.168 and $0.788.
- Resistance levels: $1.821 and $2.06.
