THORChain Price Prediction: The completion of the channel pattern could bolster RUNE for further growth. Time to buy?
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THORChain Price Prediction: As previously highlighted by Coingape, the RUNE coin price is marching to the beat of a rising channel pattern on its daily chart. This structure, in tandem with an overarching bullish market sentiment, has fueled a nearly vertical rally over the past nine days. However, the question is, can this bullish thrust withstand the emerging wave of market-wide selling pressure?
Is RUNE Price Heading to $3?
- The RUNE price shows the formation of a channel pattern in the daily time frame chart.
- The breakdown from the channel pattern would put this altcoin at risk of major correction
- The intraday trading volume in RUNE is $117 Million, indicating an 18.5% gain.
Over the past two months, the THORChain coin price has been trading within a well-defined channel pattern, experiencing dynamic support and resistance. On October 20th, the asset bounced decisively off the lower trendline of this channel, sparking a powerful nine-day recovery rally.
From its recent low of $1.50, the coin has soared approximately 66.75%, currently trading at $2.54. Intriguingly, the coin has just broken above the channel’s upper trendline, signaling that buyers are primed for more substantial gains.
Today’s 5.2% uptick provides excellent validation for this breakout, strengthening the case for a continuation of the rally. Should this breakout hold, the RUNE coin price could rally another 32.5%, targeting a high of $3.20.
A Minor Pullback is Possible Before the Next Leap
While the near-term outlook for the RUNE coin remains strongly bullish, it’s worth noting that the broader crypto market is showing signs of rising selling pressure. Furthermore, after such a sharp rally in a short period, a minor pullback would not only be expected but also beneficial for recalibrating bullish momentum. Nonetheless, the anticipated pullback can witness suitable support at the breached trendline or $2.32, which could bolster the continuation of the bullish rally.
- Exponential moving average: A sharp uptick in the daily EMAs( 20, 50, 100, and 200) reflects an Aggressive strong buying momentum in the market.
- Average Directional Index: The ADX slope hovers around 30%, indicating that the ongoing recovery is still in its growth phase, and far from over
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.