- The RUNE price has surged by 40% in a week and reached the 20-day EMA level.
- THORChain crypto’s price has extended to the crucial breakout level in a falling wedge pattern.
Since August 2023, the RUNE price has been in a strong bullish trend and has gained around 1000% till March 2024. The bullish trend was interrupted near the $10 hurdle and RUNE witnessed profit booking.
The digital asset price has declined since March and has slipped below the key moving averages. It has declined in a lower low and lower high way.
Turning to the technical indicators, the THORChain coin price was trading below the 200-day EMA at press time. MACD generated a golden crossover with the Signal line, but the histograms were still red.
RUNE Price Has Shaped a Falling Wedge Pattern; What’s Next?
The RUNE crypto price has formed a falling wedge pattern in a daily time frame. It has taken support on the lower trendline and has extended to the 20-day EMA level.
According to the technical chart, the price has been falling by facing resistance from the descending trendline.
Suppose the RUNE price triggers a breakout from the falling wedge pattern and surpasses the 200-day EMA, it would be a buying signal. It would be a bonus point for the buyers if the trading volume increases during the breakout.
Exceeding the 200-day EMA might attract buyers for the two-digit targets in a few weeks. During this journey, the price may face difficulty near the $7 hurdle. Good buying momentum can be awaited if it surpasses the $7 mark.
Alternatively, buyers might panic if the RUNE price slips below the falling wedge pattern. It would be a bearish signal if the buyers fail to defend the $3 mark, and selling pressure can be seen further.
THORChain Price Overview
At the time of writing, the RUNE crypto traded at $3.64 and remained neutral in an intraday session. Its market capitalization was $1.22 Billion, and the 24-hour trading volume was $211.28 Million.
Is RUNE Price Gearing Up for Massive Move?
A source on X claims that the THORChain price is gearing up for a giant bullish momentum on a weekly time frame. The price has formed a wedge pattern in the weekly time frame, and a bullish breakout is expected.
The price of $RUNE is gearing up for a massive breakout of this descending triangle on the weekly chart.
— CryptoJack (@cryptojack) August 14, 2024
If #thorchain breaks out bullish, the target is at a 4x from the current price! pic.twitter.com/nyt26sTJ36
As per the wider chart, the RUNE price has taken support on a major support level. It would trigger a breakout if it defends the support level and could gain up to 4x in the next few weeks.
THORChain Price Analysis
Based on the technical analysis and market indicators, the RUNE price is currently at a crucial point with the potential for a significant breakout.
Forming a falling wedge pattern and possibly surpassing the 200-day EMA could signal a buying opportunity. It could potentially lead to a bullish momentum.
However, monitoring the key resistance levels, particularly near the $7 mark, is important to gauge the strength of the potential breakout. Additionally, buyers’ support level and ability to defend it will play a crucial role in determining the future price movement.
Technical Levels
Based on the chart structure, the bullish trend in RUNE crypto could be interrupted near the $4.90 and $7.25 levels. The price may take support on the $2.50 and $1.55 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.