THORChain (RUNE) Ready For 20% Climb Before Next Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	398,277,471,123	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

398,277,471,123

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	62.32	1.92%	3,314.43	3,314.40	3,314.52

Price Change

Price Change %

Current Price

Bid Price

Offer

62.32

1.92%

3,314.43

3,314.40

3,314.52

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,336.42	3,239.72	3,254.47	3,252.11	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,336.42

3,239.72

3,254.47

3,252.11

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:57:16	0.090504	3,314.75	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:57:16

0.090504

3,314.75

USD

Price x Volume	Volume	Base Symbol	Related Pairs
87,155,446.59	26,452.27	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

87,155,446.59

26,452.27

THORChain (RUNE) Ready For 20% Climb Before Next Correction

05/08/2022 6:04am

NEWSBTC

Cross-chain exchange THORChain (RUNE) price registers a gain of 8.12% seen in the past two days. Amazingly, RUNE price maintains its bullish streak as it sprints above the rising parallel channel pattern. More so, a reversal seen at the support trendline may also ignite a bull run as it hammers through the resistance trendline. On the other hand, referring to the technical analysis, this particular pattern may trigger a price correction following a breach from the bottom trendline. EMAs are seen at $2.5 showing strong resistance on the downside. Thorchain’s 24-hour trading volume registered a loss of 44.6% or $291.6 million. Related Reading: Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon THORChain To Breach Resistance Trendline The RUNE/USDT pair is seen to recover on June 18 when it was able to rebound from its low of $1.45. RUNE price has set an ATH of $3.04 or a growth of 108% in the past six weeks ever since it bottomed out. More so, the massive sell-off which happened over the weekend also prompted a minor correct in the pattern. The confluence support served as a buffer which pumped up RUNE price by 5.66%. According to CoinMarketCap, RUNE currently trades at $2.69 or a decline of 1.70% as of this writing. However, with the channel pattern, the coin should spike by 22% to punch through the overhead line. In the most favorable conditions, RUNE price may be able to break through the resistance line and speed up the bullish movement. But, theoretically, the rising channel pattern most likely points to a bearish momentum especially once RUNE breaks through the support line. With that in mind, the RUNE price is prone to more correction if in case it breaches the lower trendline. The two RSI peaks show some slowdown in bullish perspective. In any case, when the divergence intensifies, traders may have better validation of an impending correction. Judging by the 20- and 50-day EMAs shooting for a crossover spotted at $2.5, increasing chances of recovery above the resistance line is expected. DeFi Tokens Like RUNE On Revival DeFi tokens like RUNE, SNX, and LDO are in a point of revival. RUNE registered an 11.51% spike on August 3. Although they have not drifted above the red lines, RUNE as well as other DeFi protocols has made a significant leap so far. In other news, THORChain has recently flipped trip switch that will kill the support of both the RUNE BEP-2- and ERC-20-based variants. The IOU tokens are now being swapped for the native RUNE token following THORChain’s mainnet that happened last month. The old tokens will lose its value in the next 12 months so these tokens will be automatically upgraded to the native RUNE. This move was initiated to further decentralize the network. Related Reading: Polygon, In Steady Bullish Trend, Could Jack Up MATIC To $1.5 RUNE total market cap at $885 million on the weekly chart | Source: TradingView.com Featured image from Coinpedia, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

ETHUSD Ethereum