- Thorchain (RUNE) price surged last night and recovered around 12% of its cost in the last 24 hours.
- RUNE bulls are facing resistance at the 20-day exponential moving average in the intraday trading session on the daily chart.
- The price of RUNE and Bitcoin pair is trading up 9% in the green zone, at 0.0001047 Satoshis.
Thorchain’s (RUNE) trend-changing attempt was successful, as price action is currently favoring bulls. Meanwhile, the price of Thorchain (RUNE) rose sharply last night, breaking a 10-day high.
Following a sharp rise, the RUNE token is looking bullish today, trading at $2.21 at the time of writing. Meanwhile, the RUNE token has performed well enough in recent days, reversing its 90-day low of $1.43.
The recent low of $1.43 has been recognized as an effective hedge space for the bulls, who are on their way to $2.0 in the coming rounds. Meanwhile, the RUNE/Bitcoin pair is trading 9 percent higher in the green zone, at 0.0001047 Satoshis.
In the intraday trading session, the bulls moved higher on the 20-day exponential moving average on the daily time frame. At 20 EMA, the bears barely manage to keep RUNE price below this resistance area.
Buyers need to regain dominance above RUNE price, they need to accumulate price above 20 EMA to reach the next resistance level of 50 EMA (red).
The bulls’ mastery of RUNE token as per the daily volume bars and the on-balance volume indicator is moving slightly higher and above the 115 million mark, which suggests more rally possibilities.
RUNE price is below red signal line of supertrend indicator
RUNE price is still below the red signal line of the Supertrend indicator. Besides, the daily RSI indicator is going to reach the half-line (50-mark) soon.
Conclusion
Thorchain (RUNE) investors need to make a move above the 20 EMA area soon for a more bullish rally. Otherwise, the bulls may have to face trouble in the near future.
Support level – $1.4 and $1.0
Resistance level – $2.5 and $3.0
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.
