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Published 22 hours ago

THORChain(Rune) price starts the new week with a bang as it breaches the weekly resistance of $2.5. While the coin price continues to climb higher today, a minor correction is plausible to validate this breakout. Thus, the retest phase may provide an entry opportunity for potential buyers.

Source-Tradingview

The RUNE/USDT technical chart showcases a textbook example of ascending triangle pattern in the daily time frame chart. While the crypto market struggled in uncertainty last month, the RUNE price under the patterns influence started showing higher low formation.

This run-up indicated a gradual rise in bullish momentum, which resulted in a decisive breakout from the $2.5 neckline resistance on July 18th. In addition, the long bullish candle provided a candle closing above the $2.5 mark and 50-day EMA, providing a higher footing to carry forward this rally.

With a 45.5% rise in volume, the RUNE price soars 8% and provides a strong follow-up candle. If the bullish momentum persists, the altcoin will climb 20.3% higher to hit the $3.4

However, it is unlikely the price may not retrace in between, as such a robust rally in a short time may encourage profit booking from traders. Therefore, a potential pullback may retest the $2.5 flipped support and check price sustainability.

Furthermore, as per the technical setup, the triangle pattern should lead the RUNE price above the $3.4 resistance.

Vortex indicator: the VI+ and VI- slope widens their gap in a bullish alignment, indicating strong buying in the market. This rising bullish momentum bolstered buyers to propel coin prices to the $3.4 mark.

Bollinger Band indicator: The RUNE price shows a breakout from the indicators upper band, accentuating their sudden growth. However, a retest to the overhead resistance usually induces a minor correction, which bolsters the retest theory.

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

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.

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RUNE Price Analysis: $2.5 Breakout Bolsters Recovery Rally To Hit $3.4 - CoinGape