In a spectacular display of resilience and momentum, THORChain’s native token, RUNE, has navigated through a volatile cryptocurrency market, registering an appreciable 8% growth in the last 24 hours. Currently, the asset is oscillating at $1.68, testing the 38.20% Fibonacci level while exhibiting a steadfast position above the critical support line of $1.60.
Diligently analyzing the RUNE price charts reveals a fascinating upward channel pattern. An exhilarating 90% ascent in August has paved the way for the THORChain coin to preserve a bullish movement despite the tumultuous markets it movements through. An aggregate year-to-date expansion of 33% underpins the token’s sturdy performance, manifesting a strong precedent for potential fortification of the upward trajectory in the forthcoming months.
On a closer look, a distinctly long-tail candle in the RUNE price action stands out, showcasing an intraday leap of 2.75% and forming a piercing morning sharp pattern. The strategic positioning above the 50-day Exponential Moving Average (EMA) indicates buyers are gearing up, bolstering the asset for an optimistic trend that challenges the resistance line overhead.
Notably, the 24-hour trading volume of RUNE has witnessed a substantial spike of over 90%, escalating to an imposing $112,749,093. This demonstrates pronounced buying interest among investors and secures a healthy liquidity status for the digital asset in the ongoing trading sessions.
Amidst the tumult, THORChain has anchored itself as a formidable player in the decentralized liquidity protocol arena, enabling users to seamlessly transact cryptocurrency assets across various networks without relinquishing custody of their assets. Given the prevailing market conditions and historical price action, the anticipatory vibes surrounding RUNE’s trajectory appear to lean into bullish territory, with eyes peeled for a potential rise to the $2.10 mark, should it clinch a closing price above the pivotal 50-day EMA.
In the existing context, the standing of RUNE in CoinMarketCap rankings is 60, accompanying a live market capitalization amounting to a robust $570,755,230. The enthralling journey of RUNE, articulated by sharp moves and a general upward inclination, sustains a bullish outlook, keeping the crypto-community on its toes as it voyages through the ensuing months.
The daily technical indicators for RUNE display bullish signals, with the moving averages exhibiting a positive crossover. The relative strength index (RSI) hovers at 49.98, manifesting a neutral market sentiment favoring buyers over sellers. The moving average convergence divergence (MACD) highlights bullish momentum as it converges towards the signal line and generates a bullish crossover. The 20-EMA and 200-EMA also remain in a robust uptrend, providing crucial support levels for the asset going forward.
