RUNE The price is facing the dynamic resistance of the 50-day EMA with a tendency to form a lower high. Additionally, increasing momentum on Thorchain is trending above the 200-day EMA. This signals a strong bull run for the altcoin.
While the uptrend is gaining momentum, Thorchain’s breakout run past overhead Fibonacci levels could herald a sharp rise. Well, Thorchain, next altcoin Will it be able to record the expected rise in the season 2024?
Will Thorchain Rise Above $5?
With support from the 200-days EMA, RUNE price is breaking above the retracement phase and challenging the 50-days EMA. Additionally, the lower high formation forms a support trend line confirming an ascending triangle towards the $5 neckline.
The bullish reversal from the 200-day EMA shows an inverse head and shoulders pattern coinciding with the $5 neckline. Additionally, the neckline area intersects with the 38.20% Fibonacci level, reflecting a strong resistance combination.
Koinfinans.com As we reported, RUNE coin price is currently trading at $1.53, up 4.64% on the day, forming a bullish candlestick to support the reversal momentum. This carries the possibility of increasing the tendency for a breakout.
Technical indicators:
RSI Indicator: The daily RSI line is showing a bullish trend in motion as it has crossed above the halfway line.
Will RUNE Price Rise to $10?
RUNE stands at a crucial juncture as the uptrend envisions multiple bullish patterns rising against a confluence of strong resistance at the $5 mark. If RUNE price maintains its momentum above the $5 zone, the uptrend could result in a sharp run towards the $7 level. Optimistically, the uptrend could reach the $10 mark.
On the other hand, a break below $4.3 could sink Thorchain to $3.64.
According to Coingecko data, the altcoin is trading at $4.64 at the time of writing.
