Renowned crypto analyst Sheldon The Sniper has shared his insights and expressed a bullish outlook on RUNE. In an X post, the analyst highlighted a bullish outlook on THORChain (RUNE), highlighting a significant breakout in its performance. The analyst has suggested that this could be an opportune moment for investors to increase their holdings in RUNE, as the cryptocurrency appears to be on an upward trend.
According to analysts, the current breakout signals a robust growth phase for RUNE, making it a prudent addition to investment portfolios. He advises investors to pay close attention to RUNE’s market movements, particularly in light of its potential to influence the broader dynamics of the crypto market and DeFi sector.
As of press time, the trading value of RUNE has climbed to $5.49, showcasing a substantial growth of 4.36% in just the last 24 hours. Over the past seven days, the cryptocurrency has recorded an impressive increase of 9.94%. During the same 24-hour period, RUNE has generated a significant trading volume totaling $208,542,748, highlighting its active market presence and investor interest.
For approximately three weeks, bullish forces successfully maintained RUNE’s price above the critical support level of $5.22, stabilizing the token in a neutral trend. However, the asset struggled to sustain this threshold, ultimately succumbing to bearish pressures, causing a break below the support level and signaling a downturn in market sentiment.
The prevailing market analysis, accentuated by the Moving Average Convergence Divergence (MACD) indicator, reveals a growing red histogram. This shift suggests an uptick in selling activity, further substantiating the bearish outlook for RUNE. Additionally, the declining averages on the chart forecast continued downward momentum, potentially setting the stage for further depreciation in the token’s value.
Should a bullish reversal materialize, RUNE is expected to rally, potentially testing resistance near $6.83. Conversely, a continuation of bearish dominance could see the token plummet toward a crucial support point at $3.940, underscoring the high stakes in crypto investments.
The analysis underscores the significance of these technical and fundamental factors, including trading volumes and market resistance levels, in crafting a strategic approach to RUNE investments. His analysis serves as a backbone for his recommendation, advising both existing holders and prospective investors to consider augmenting their RUNE positions during this pivotal market phase.
