Thorchain (RUNE) Price Analysis: Will RUNE Break Above the $2 Ceiling?

17 Sep 2023 by Crypto Presale 2 min read

Thorchain (RUNE) has been delivering sky-high gains to its investors for the past few weeks. In the last 24 hours alone, the token price has increased by 9%. Overall, it has delivered a mind-blowing 21% in 30 days, compared to Bitcoin’s -4% within the same period.

One key reason behind RUNE’s surge is its recent collaboration with Metamask, where Metamask now supports Thorchain. This integration allows MetaMask users to perform self-custody swaps, a significant game-changing feature that has increased investor confidence in RUNE.

Technical Analysis

Daily Timeframe

Source: Tradingview

Like most cryptocurrencies, RUNE had a tough start to the year. The token dropped 57% from $1.9 in January 2023 to $0.7 in June. However, since June, RUNE has been in a rally, running up from below $1 and currently trading around $1.9, bringing smiles to the faces of its loyal investors.

Thorchain (RUNE) is flirting with significant resistance around $2, and investors are anticipating the token's next steps. Time to take profit? HODL for more profit? Let's see.

Looking at the Exponential Moving Averages (EMAs), RUNE trades above the 50-day and 200-day EMAs. This signifies that the coin is in a strong uptrend. Also, RSI shows that RUNE is trading above the 50% level, which shows that the buyers are dominant and can keep pushing the price up in the short term. If this buying momentum continues, we might see RUNE break above the $2 level and run to the next key level, around $3.15. On the other hand, if the buyers fail to break and close above the $2, the sellers might step in and drive the price downwards to the $1.4 support.

4 Hour Timeframe

Source: Tradingview

On the 4-hour timeframe, the Relative Strength Index is trading above the 80% band which signals that RUNE is currently overbought and might experience a temporary pullback before the next leg up.

Also, we can see the candlesticks are currently showing wicks, which shows there is some form of resistance pushing the price downwards from its current level. However, the token is still trading above the EMAs which means that the uptrend is still dominant. While we might experience a minor pullback, the midterm trend is still bullish. Also, data from Coinmarketcap shows that the 24-hr trading volume has increased by 300% in the last 7 days, increasing from $30m to over $100m. Which shows that there is a lot of trading activity and liquidity present for the token.

Conclusion

RUNE is having a good run, and it doesn’t look like it will stop soon. If the buyers remain dominant, the token might break above the $2 barrier and soar to $3 soon. Also, with the latest partnership with MetaMask, this should be a good catalyst to keep the token trending up.

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