Altai the Tiger
IGNITION
streamoors
Sword Inu
NEAR Protocol
Injective
Quantus
- RUNE token price regained momentum and was attempting a breakout.
- Its Open Interest rose over 5.36% to $48.55 Million in the past 24 hours.
Decentralized cross-chain liquidity protocol THORchain witnessed a significant rebound and soared over 50% in the past two weeks.
Trading inside a falling wedge pattern, the token has bounced back from the lower edge of the pattern and witnessed a notable accumulation from the bottom.
Rising over 30% this week, RUNE was eyeing to cross the nearest obstacle of $4.50, close to the 100-day EMA mark. Once the bulls manage to surpass the hindrances, it may sprint beyond the $5 mark ahead.
Still, the token was capped inside the channel and persisted to form the lower low swings. A fresh, bullish reversal can be anticipated once the token breaches the overhead trendline mark of $4.50.
What Fueled The Recent Surge?
THORChain has recently experienced an uplift in its market performance through its new partnership with Kujira. It plans to boost liquidity within its suite of decentralized finance apps. All these partnerships aim at adding strength and sustainability to the two online marketplaces.
One significant characteristic of their cooperation is the community-sale token raise. It does not fall under the typical fundraising schemes but rather involves a vast array of community members.
It is meant to cope with the current liabilities and align Kujira and THORChain‘s economic incentives. This will make the relations between their ecosystems much tighter and more stable.
THORChain Gaining Momentum: Breakout Imminent?
With a double-digit price recovery this week, the RUNE token is set to bisect the $5 mark. The recent price surge gives a strong conviction of the upcoming bullish reversal.
At press time, the RUNE token was trading at $4.00 with an intraday surge of 6.01%. It reflected bullish swings on the charts.
With a market cap of $1.20 Billion, the token secured the 59th rank. It has a total supply value of 500 Million.
RUNE Price Chart | Source: Santiment
The token continued to deliver a bearish rally for the past few months and underwent a significant downtrend.
Recent market-improved sentiments and a rise in BTC’s price fueled the demand surge. The token has managed to revive the gains from the bottom.
@WorldofCharts, in his tweet, said that RUNE reached the edge of a breakout zone and can trigger a sharp breakout rally ahead.
A Tweet by @WorldofCharts | Source:X
The Relative Strength Index (RSI) line approached the overbought zone and signals a heightened buying pressure. Similarly, the MACD indicator projected the bullish bars on the histogram and directed a positive momentum on the chart.
Total Liquidations Chart Favours The Bullish Surge
The short liquidations were noted at $91.56k at press time, whereas the long liquidations were indicated at $4.48k. This insane short liquidations data hints that sellers might forcibly close their positions due to the margin requirements.
This can lead to further buying pressure, and the token might deliver a sustained upward movement.
If the token sustains above the $4 mark, it might ascend the bullish surge. It could reach the resistance zone of $4.80, followed by $5.30 in the next sessions.
Conversely, if the token fails to hold gains near the $4 mark, it will slip toward the 20-day EMA mark. It could retest the $3 followed by the $2.70 mark in the short term.
Disclaimer
This article is for informational purposes only and does not provide any 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.
