THORChain price prediction is bullish for the short term as well as for the long term. It suggests that the buyers are active and returning back to track.
RUNE price performed well in August and managed to climb above the 50-day and 200-day EMA. It showcases that the positional trend has reversed in the upward direction.
At the beginning of August, THORChain broke out of the $1.00 hurdle which triggered the positive sentiments. Later, prices began to rise upward by forming higher high candles and rallied 95% (approx.) in a short span of time.
From the middle of August, RUNE price witnessed minor profit booking and retraced downward. The short-term downfall halted near $1.400 and buyers came forward to push the higher.
However, RUNE crypto price did not give the follow-up momentum and entered into the wide range consolidation.
THORChain price is trading at $1.606 with an intraday rise of 2.62%. The 24-hour volume to market cap is 9.18%. The pair of RUNE/BTC is trading at 0.00006167 with an intraday rise of 1.70%.
Will THORChain Price Continue the Momentum?
THORChain price prediction suggests a significant rise is possible in the coming months. Bulls are active near to support so any downfall will be easily absorbed by the buyers.
Till the RUNE price sustains above $1.300 the probability of continuing the upward momentum remains high. However, the next phase of the rally in RUNE crypto will be visible when buyers are able to break the $2.00 hurdle.
On the other hand, if the prices dropped below $1.300. Then the bears might try to drag it down toward $1.000 to erode the previous gains.
RUNE Price is Forming a Bullish Pattern
RUNE price is forming a bullish pattern on a daily and weekly time frame. The buyers seem to be more active as compared to sellers. The overall crypto market is recovering which might positively impact the prices of Altcoins.
The MACD curve sustains above the zero line but slopes sideways. It indicates prices might continue the consolidation for some more time. The RSI at 58 denotes the strength of bulls and more room for upside is open.
Conclusion
THORChain price prediction is bullish for the long term and suggests the bullish momentum might continue. RUNE price is inside the bulls’ grip so the probability of reaching $2.00 in September remains high.
Technical levels
- Resistance levels: $1.800 and $2.000
- Support levels: $1.300 and $1.000
