RUNE price could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment.
RUNE looks strong on the low timeframe.
The price of RUNE attempts to break and hold above 8 and 20 EMA on the daily timeframe.
Thorchain (RUNE) has shown little or no recovery sign in recent weeks, but that could change as the price gears up for a rally against tether (USDT). Previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) continued to move in a range. The month looks promising, with altcoins, including Thorchain (RUNE), bouncing off from their low with high hopes of a rally with the current shift in trend. (Data from Binance)
Crypto Market Outlook
Crypto Market Outlook | Source: Coin360
For most crypto projects as altcoins, including RUNE, the new month has been more of a relief. The price of Bitcoin has led the market, rising from a low of $18,800 to $20,100. With the market looking more promising for crypto assets, we may see more cryptocurrency recovery, as the previous month prevented major altcoins from rallying.
Thorchain (RUNE) Price Analysis On The Weekly Chart
The price of RUNE in recent weeks did not show the strength as seen in other altcoins like Cosmos as the price continued to decline to its weekly low of $1.5.
After rallying from a low of $3 to a high of $12, the price of RUNE faced rejection as it was unable to break above $12, acting as resistance to the price of RUNE and the area of supply.
The price has since struggled to find support as the price declined to a weekly low of $1.5 with what looks like a demand zone for more buy orders.
RUNE price bounced off this region to $1.6 as price prepares for a rally from this area. Although the price continues in a range trying to break out, it looks promising as there have been more buy orders than in recent weeks.
Weekly resistance for the price of RUNE – $1.8-$2.
Weekly support for the price of RUNE – $1.5.
Price Analysis Of RUNE On The Daily (1D) Chart
Daily RUNE Price Chart | Source: RUNEUSDT On Tradingview.com
On the daily timeframe, the price of RUNE remains bullish as it attempts to flip the resistance at $1.8 and break out with good volume.
The price of RUNE is currently trading at $1.65, with resistance to breaking above the 8 and 20-day Exponential Moving Averages (EMA), which act as resistance zones for the price of RUNE. The prices of $1.6 and $1.66 correspond to RUNE’s 8 and 20-day EMAs, respectively.
Daily resistance for the RUNE price – $1.66-$1.8
Daily support for the RUNE price – $1.5.
Featured Image From zipmex, Charts From Tradingview