RUNE Price Prediction: RUNE Rebound From Support?

• Thorchain (RUNE) is currently trading at $1.0918266.
• Thorchain (RUNE)’s live market cap is $333,636,873.
• Thorchain (RUNE)’s  24-hour volume is $23,374,262.

Thorcoin (RUNE) is a cryptocurrency that runs on the THORChain blockchain. Its goal is to generate liquidity and facilitate smooth cross-chain transactions inside the DeFi ecosystem. Thorcoin has garnered popularity because to its revolutionary features and ability to transform the way assets are transferred between blockchains.

Thorcoin’s price dynamics have shown a variety of patterns over its trading history. The price of RUNE has moved up and down in response to market variables and investor opinion. It is critical to understand that the cryptocurrency market is very volatile, with values fluctuating frequently.

Trend Analysis

At the moment, the RUNE price prediction is clearly moving in the direction of the downside. It has been contained within a symmetrical channel since May 2022, exhibiting a consolidation phase that has lasted for over a year. Notably, roughly two years ago, RUNE achieved its all-time high of $22.1413. But after this peak, the price started making lower highs, which pointed to a big trend reversal. Due to this reversal, the value has dropped significantly from its peak by about 97%.

Currently, RUNE’s price is circling around a critical support level of $0.78944. It is widely anticipated that the price will continue to decline given the state of the market as a whole and the current downward momentum. Before thinking about making any prospective entries or investment decisions, traders and investors should use caution and carefully watch the price movement for more confirmation.

Thorchain(RUNE) Price Prediction

MACD

Based on the weekly period indicators, we can conclude that the RUNE price is displaying bearish indications. The MACD indicator displays a red histogram that is slowly filling up over the MACD line, indicating both a bearish signal and probable downward momentum.

RSI

Furthermore, RUNE’s RSI line is extremely close to the 35 level, and the simple moving average (SMA) line is above the RSI, indicating a likely decrease in the near future. 

EMA

RUNE is now trading below all of the 20-day, 50-day, and 100-day exponential moving averages (EMAs), indicating the possibility of more fall momentum.

VOLUME ANALYSIS

The volume for Thorcoin (RUNE) shows a falling trend, indicating a decrease in market activity. Lower volume often signals a reduction in bitcoin activity and trading interest. 

Conclusion

When these indicators and chart observations are considered, Rune is displaying bearish indications, indicating that the slide is likely to continue. The general trend and structure of RUNE point to a negative trend. It is best to wait for a breakout in either direction before investing in RUNE currency.

Technical Levels:

Support – $0.7894406.

Resistance -$3.1171281.

Disclaimer

The thoughts and RUNEinions expressed by the author or anyone else named in this article are solely for informational purposes. They don’t offer any advice of any kind, be it financial, investment, or otherwise. The possibility of losing money exists when buying, selling, or investing in cryptocurrencies.