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THORChain Price Prediction: RUNE Price Doubles In A Week, Eyes On $9 Resistance

Despite a volatile tendency in other cryptocurrencies, the THORChain (RUNE) price made a flashy start in March. The altcoin gained 131% from the support level of $3.34 during the month’s first half. The buyers march towards the next resistance level of $8.3, preparing for another breakout.

Key points: 

  • The RUNE price chart shows a bullish crossover of 20 and 50 EMA in the daily time frame chart
  • The intraday trading volume in the RUNE token is $66 Million, indicating a 1.85% hike.

TradingView Chart

Source- Tradingview

In February, the RUNE/USDT pair wobbled within the $5.7 and $3.5 levels. The two bounced back from this yearly support($3.5), indicating a strong accumulation zone for buyers. On March 12th, the buyers pierced the overhead resistance($5.7), providing a weekly candle closing above it.

The RUNE price started the new week with strong follow-up candles. The altcoin trades 34% high from the breached resistance, rallying towards the next resistance at $8.3. The coin chart shows two neighboring resistance of $8.3 and $9.2, mounting a strong defense for buyers.

If buyers manage to break out and sustain above these overhead resistances, the long traders can expect a 26.5% growth opportunity.

In contrast to the bullish thesis, if sellers rejected the altcoin from the $8.3 or $9.2 mark. A minor pullback to the $5.7 mark is possible.

Technical indicator

The parabolic recovery has crossed above the important EMAs(20, 50, 100, and 200). The rising 20-day EMA performs a bullish crossover with the 50 EMA, providing an extra edge to buyers

The daily-Relative Strength index(73) slope trendline higher shows the increasing bullish momentum.

  • Resistance levels- $8.3 and $9.2. 
  • Support levels- $5.7 and $3.35 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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