- THORChain Price recovered 43% approx from the yearly lows and regained the $1.00 mark.
- RUNE Price is trying to climb above the 50 day EMA.
- THORChain Price Prediction remains bullish and suggests a rise in the long run.
THORChain Price recovered well in the past few weeks and showed initial signs of bullish trend reversal. The sudden rise in the buying volume is also visible as some whales have turned bullish and succeeded to push the price above $1.00.
RUNE Price is trying to climb above the 50 day EMA to turn the short term trend in the favor of bulls. However, the price is racing toward the crucial resistance of $1.200 which might become a hurdle in the recovery phase.
ThorChain Price is below the 200 day EMA indicates the positional trend is in downward direction. The short term up move will face difficulty to sustain on higher levels until it breakout of the trendline.
For the past few months RUNE crypto price is in the correction phase and continues to decline by facing hurdle at 50 day EMA.
Recently in the mid of June, Thorchain Price hit a fresh yearly low at $0.778 which raised concern for the investors. Well, sellers failed to pull the prices further down and RUNE took a U-turn.
THORChain Price is trading at $1.099 with an intraday rise of 0.09%. The 24 hour volume to market cap is 6.16%.
Will THORChain Price be able to hold the $1.00?
THORChain Price Prediction suggests a rise in the long run but prices will gain momentum only above $1.200 level. The downward sloping trendline will act as a hurdle and sellers will try to reject from higher levels.
Till RUNE Price is sustaining above the $1.00 the relief rally is likely to continue for a few weeks. The recent up-move looks reliable because the overall market sentiment is bullish.
Whereas, If the RUNE crypto Price drops below $1.00 then up-move will be considered as speculative. However, the prices have corrected a lot so downside risk is low. Another probability is prices might spend some time in the consolidation range between $0.800 to $1.200 for base formation.
RUNE Price Analysis on weekly time frame
RUNE Price formed a bullish engulfing pattern on the weekly time frame. It rises for 3 consecutive weeks shows that getting active and trying their best to rebound. If the overall market continues to recover then it will positively impact the prices of Altcoins.
The MACD curve is sloping upward and displays a positive crossover indicating bullish momentum is likely to continue for some more time. The RSI at 62 denotes the strength of bulls but the curve is reversing down and likely to reach the neutral zone.
Conclusion
THORChain Price showed a V-shape recovery and succeeded to climb above the 50 day EMA. Well the price is near to the $1.200 which will act as an immediate hurdle.
The technical analysis suggests, RUNE Price is recovering but until it breakout of the trendline it is expected to remain in bear grip.
Technical levels
Resistance levels: $1.800 and $1.700
Support levels: $1.00 and $0.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.