According to a recent analysis by CryptoJack, Thorchain (RUNE) is exhibiting a consistent bullish trend within an ascending channel on the 4-hour time frame. This movement is characterized by the creation of higher lows and higher highs, indicating a robust uptrend. The price action suggests potential opportunities for traders to capitalize on these movements.
The RUNE/USDT pair is currently moving within an ascending channel, defined by two parallel trendlines. These trendlines serve as critical support and resistance levels for the price. The lower trendline, acting as support, is currently around the $6.200 level. The upper trendline, functioning as resistance, is approximately at the $7.600 level. The upper boundary at around $7.600 often causes the price to pull back after testing this level, while the lower boundary at around $6.200 provides a strong support level where the price historically tends to rebound.
The market indicators, based on the observed patterns, highlight the following potential movements. The blue arrow on the chart indicates a possible movement towards the lower trendline support around $6.200. After reaching this level, the price is expected to rebound, continuing the historical pattern within the channel. The overall bullish channel suggests that as long as the price remains within this channel and above the lower trendline support, the uptrend is likely to continue. This indicates that after the anticipated pullback, the price may attempt to move towards the upper trendline again.
As of today, Thorchain (RUNE) is priced at 6.13 USDT with a 24-hour trading volume of $229,678,279.61. This represents a 5.3% price decline in the last 24 hours and a 6% price decline over the past 7 days. The circulating supply of RUNE stands at 330 million, with a market cap of $2,156,024,130. Thorchain (RUNE) is underperforming compared to the global cryptocurrency market, which has seen a 10.40% increase.
Additionally, RUNE is underperforming when compared to similar Multicoin Capital Portfolio cryptocurrencies, which have remained stable. Given the current analysis, traders might consider entering a long position at the bounce from the $6.200 support level with a target of $7.600, aligning with the historical pattern of the ascending channel.
