{"id":29658,"date":"2024-09-21T16:30:49","date_gmt":"2024-09-21T13:30:49","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29658"},"modified":"2024-09-21T11:48:13","modified_gmt":"2024-09-21T08:48:13","slug":"thorchain-rune-shows-bullish-potential-amid-price-struggles","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/thorchain-rune-shows-bullish-potential-amid-price-struggles\/","title":{"rendered":"THORChain (RUNE) Shows Bullish Potential Amid Price Struggles"},"content":{"rendered":"<p>The price of <strong>THORChain (RUNE)<\/strong> has been battling within a declining channel since November. Early in March, buyers momentarily burst out from the channel; but, profit-taking soon brought the price back into line. Another try in May to reach the $7 main resistance level failed, which lowers RunE&#8217;s value constantly.<\/p>\n<p>But consumers are beginning to take control lately, hence the bearish trend seems to have bottom at a notable support level of $3.50. <strong>RUNE<\/strong>, 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.<\/p>\n<p>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.<\/p>\n<p>Technical-wise, <strong>Rune<\/strong> 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>All things considered, should significant resistance levels be broken, THORChain&#8217;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.<\/p>\n<p><i><span style=\"font-weight: 400;\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our<\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"> <i><span style=\"font-weight: 400;\">Telegram,<\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400;\"> YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and<\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"> <i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> channels for the latest<\/span><\/i><a href=\"https:\/\/coinengineer.io\/news\/\"> <i><span style=\"font-weight: 400;\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and updates.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">The information in this article does not provide any investment advice.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of THORChain (RUNE) has been battling within a declining channel since November. Early in March, buyers momentarily burst out from the channel; but, profit-taking soon brought the price back into line. Another try in May to reach the $7 main resistance level failed, which lowers RunE&#8217;s value constantly. But consumers are beginning to<\/p>\n","protected":false},"author":6,"featured_media":29662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,657,1],"tags":[8729,8728,8523],"class_list":["post-29658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-en","category-genel","tag-rune-token","tag-thorchain-rune","tag-token-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>THORChain (RUNE) Shows Bullish Potential Amid Price Struggles - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/thorchain-rune-shows-bullish-potential-amid-price-struggles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THORChain (RUNE) Shows Bullish Potential Amid Price Struggles - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The price of THORChain (RUNE) has been battling within a declining channel since November. Early in March, buyers momentarily burst out from the channel; but, profit-taking soon brought the price back into line. Another try in May to reach the $7 main resistance level failed, which lowers RunE&#8217;s value constantly. 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