Thorchain price analysis: RUNE turns bullish outlook, but 20 EMA is still to be breached

• ThorChain token is trading above a short-term declining trend line on the hourly price chart.
• The 20-day exponential moving average RUNE appears to be forming a bullish barrier for investors on the daily price chart.
• RUNE/BTC pair price is in the 4.6% green zone at 0.000100 Satoshis.

ThorChain token price again got caught near the 90-day high of $13.15 by short sellers. During the downtrend, RUNE investors failed to maintain the altcoin price in high momentum, resulting in the bears registering an annual low of $2.3 on May 27.

In the context of the 4-hours chart, the Thorchain token is trading above a short-term declining trend line (blue), which could act as a horizontal support line further. Nonetheless, the RUNE coin still broke the short-term resistance barrier at $3.8.

At the time of writing, the RUNE token is trading at the $3.2 mark with a gain of 6.5%. Thus the market cap has increased by 6.4% to $1 billion as per CMC’s data for the last 24 hours. Moreover, the RUNE/BTC pair price is in the green zone at 4.6% at 0.000100 satoshis.

After 5 weeks of bearish momentum, the RUNE token showed some bullish momentum this week, resulting in the coin gaining around 18% in just 2 days this week. However, the 20 EMA is acting as a support on the 4-hours chart. Furthermore, traders noted 100% trading volume gains in the last 24-hours.

Bulls fall near 20 EMA

On the daily chart, the 20-day exponential moving average RUNE is forming a bullish barrier for investors. Conversely, the 60-day low at $2.3 acted as an important buying zone for buyers.

The RSI indicator is trending higher after a dip in the oversold zone. The RSI is likely to decline near the halfway mark (50 points) of the indicator.

Conclusion

However, the Thorchain coin turned bullish after retreating from the monthly low of $3.8. But there is still 20 EMA yet to be breached for higher momentum.

Technical Levels

Support level – $3.8 and $3.0 

Resistance level – $4.0 and $7.5

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

News Source