- The RUNE token chart displayed a bullish crossover of the 50-and-100-day EMA
- The RUNE/BTC pair traded at 0.000207 BTC, with a gain of 3.03%
- The 24-hour trading volume in The RUNE token is $122.2 Million, indicating a 23$ fall
As mentioned in my previous article on Thorchain, the RUNE token price indicated the continuation of an uptrend when the price gave a decisive breakout of the prior swing high of $12 on October 24th. Furthermore, the coin price has retracted back to this level in the form of a retest, which will validate if this breakout was genuine or not.
The EMA’s indicate that the RUNE token is bullish, as the price is trading high above the crucial EMA of 20, 50, 100, and 200.
The RSI value is 68, indicating a bullish sentiment within the token.
The RUNE Token Shows Lower Price Rejection Candles At $12 Support.
The RUNE token price shows several lower price rejection candles in its retest phase, indicating the presence of sufficient demand pressure from the $12 support. The crypto trader can use this opportunity to enter a long trader using proper risk management. The current price of the RUNE token is $12.6, with an intraday gain of $1.23.
The nearest resistance level for RUNE price is at $13.4, followed by the $14.7 mark. In case the price drops below $12 support, the next support for the token will be at $11-$10.8
The moving average convergence/divergence(MACD) indicator shows both the MACD line and signal are moving above the neutral zone(0.00), indicating a bullish momentum in the coin. However, these lines have also displayed a bearish crossover due to the minor pullback of the retest.
Conclusion: From a technical perspective, the token indicates an overall uptrend. Moreover, as the price sustains above this $12 support, the crypto traders can consider positioning their funds in RUNE tokens.
Support: $12 and $11-$10.8
Resistance: $13.4 and 14.7