RUNE price completes a bullish reversal to $6.5 with a triangle breakout rally.
The RUNE price action forms a triple white soldier pattern in the daily chart.
A breakout of $6.5 can result in a high-speed rally in RUNE price to reach $10.
Facing a sudden bearish attack this week, the Thorchain token price tumbled multiple points, leading to a streak of red candles. Aligning with the marker-wide correction, the RUNE price approaches the dynamic support in the daily chart.
Further, the downtrend in the daily chart signals a potential crash for Thorchain if it crashes under this crucial support. Nevertheless, the RUNE price prediction highlights a bullish outlook if the market improves sentiments.
Source – Tradingview
RUNE’s price is testing a pivotal juncture at $4.96, aligning with the 50-day Exponential Moving Average (EMA) and the 38.2% Fibonacci retracement level. This critical support juncture could potentially act as a springboard for the next bullish narrative or mark the onset of a bearish plot twist.
Currently, the RUNE coin price trades at $5.511 with an intraday fall of 3.57%, projecting a bearish trend in motion with the triple black crow pattern. The RUNE market sentiment seems to tread on thin ice. After a commendable rally, the price grapples with support levels that could dictate the next chapter in Thorchain’s market story.
The trading volume, a reliable sidekick to price action, appears to be withdrawing into the shadows, hinting at market indecision. This reduction in volume could either be the calm before the storm of a bullish reversal or the quiet retreat before a bearish onslaught.
The current price structure has investors on the edge of their seats as it hovers above support. The MACD indicator echoes this suspense, displaying a bearish momentum with its line languishing below the signal line. Further, the histogram bars dipped into negative territory, hinting at a potential change in the storyline.
RSI indicator: Supporting the bullish turnaround, the RSI line takes an about turn to return to the overbought boundary. Therefore, the momentum indicator shows a bullish trend in motion.
EMA: The ongoing positive trend grows more vital for the 50D and 200D EMA. This reflects a solid underlying demand for RUNE.
Will RUNE Price Give A Bullish Breakout?
If the price of RUNE can hold at $4.96, it could rally to $6.5. If it breaks below $4.96, it could retest $3.5. The $4.96 support level is significant because it is the rally’s 50% Fibonacci retracement level from $3.5 to $5.5. The $6.5 resistance level is also significant because it is the same rally’s 61.8% Fibonacci retracement level.
If the market regains a bullish trend, the altcoins will amplify the momentum and lead to a stronger uptrend.