But consumers are beginning to take control lately, hence the bearish trend seems to have bottom at a notable support level of $3.50. RUNE, trading at $4.51, has risen 1.25% over 24 hours with a market value of $1.51 billion and a 24-hour trading volume of $168.37 million.

Many traders have buying options from the run-through price below the $5 barrier. After the price swings into support following its annual high, Rune can show a substantial increase.

Technical-wise, Rune has developed on the daily chart an inverted head-and-shoulder pattern. Right now, it is close to the neckline and goes somewhat below the 200-day exponential moving average (EMA), a main indicator of growing momentum. Drawing more buyers from above the 200-day EMA would lead the pattern to form the second shoulder. RunE can see a 60% price increase in a month given high trade volume.

Conversely, not exceeding the 200-day EMA could cause the price to revert to its main support level. A bearish move under $3.50 could raise selling pressure, thereby driving the price close to an all-time low at almost $2.20.

The technical indicators right now point to optimism. Currently close reaching the 200-day EMA, the price exceeded the 20-day EMA. A golden crossover in the MACD signal line supports the positive premise; the histograms have turned green, implying more likely upward progress.

All things considered, should significant resistance levels be broken, THORChain’s price shows optimistic bullish trends and might gain up to 60%. Traders should still be cautious and closely monitor support levels even in cases of a reversal.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The information in this article does not provide any investment advice.

The post THORChain (RUNE) Shows Bullish Potential Amid Price Struggles appeared first on Coin Engineer.