Home
News
- 1 RUNE price displayed a notable rebound over 20% this week.
- 2 Buyers have started accumulation and retained the 200 day EMA mark.
The RUNE price has retained the 200 day EMA mark and is directing buying momentum in the last two trading sessions. Amidst the severe correction from $11 mark and down move over 32% this month, buyers did not lose momentum and are still trying to be in the race. This week, buyers have shown their presence and sellers have started covering their positions, leading to a rebound.
At press time, the ThorChain (RUNE) price was $5.56 with an intraday gain of 3.52%, reflecting neutrality on the charts. It has a monthly return ratio of -40.28% and 273.28% yearly. The pair of RUNE/BTC is at 0.0000856 BTC, and the market cap is $1.67 Billion. Analysts are neutral and suggest that the RUNE token may retain strength and will stretch the buying momentum ahead.
RUNE Price Volume Profile On Daily Charts
The chart displays the price-to-volume profile of the RUNE token and replicates that the token succeeded in crossing the 200 day EMA mark and has gained momentum. Additionally, the price action replicates buyer accumulation and soon the token will reach the $6 mark. The intraday trading volume dropped over 30.87% to $332.37 Million.
Price Volatility and Weighted Sentiment Outlook
Following the price rebound, the token displays a sharp fluctuation in the price volatility curve throughout the week. The price volatility curve noted pump and dump movement and declined over 8.90% to 0.025. Similarly, the weighted sentiment looks strong and stayed above the midline around 5.086.
Social Dominance and X Followers Overview
Social dominance data noted an intense spike and jumped over 55.40% to 1.187%, noting an increase in the discussion reports. Similarly, the social volume AI data revealed a positive development and bounced above the 2 mark.
Development Activity and Total Open Interest Insights
The development data revealed a surge of over 19.67% and reached the midline around 0.905, showing a neutral outlook. However, the derivative data signifies long buildup, the open interest jumped over 5.79% to $51.04 Million in the last 24 hrs.
Per the Fib levels, the RUNE price has rebounded from its 23.6% zone and retained the midline region. However, the RSI curve stayed in the oversold region near 35, and a positive crossover was noted on the charts.
The total supply of the RUNE token is 500 Million, whereas the volume-to-market cap ratio is 0.197, and it is ranked 58 in terms of market cap in the global crypto market.
Summary
The ThorChain (RUNE) price has regained buying momentum and crossed the 200 day EMA mark decisively. Moreover, the buyers have started accumulating and sellers are started covering their positions, suggesting a pullback ahead.
Technical Levels
Support Levels: $5 and $4.70
Resistance Levels: $6 and $6.50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
