Although many altcoins are overlooked in the crypto markets, they continue to rise quietly. THORChain (RUNE) is just one of these altcoins. But the activity experienced in recent days shows that this altcoin will not remain silent any longer. Analyst Valdrin Tahiri identifies the next technical levels.
What has happened at THORChain since August?
Since the beginning of August, RUNE has continued to trade fluctuating between $1.05 and $1.45. However, on September 18, it reached the top of this range and was rejected. After a temporary bottom on September 25, the price rose back to the top of the range. The altcoin, which started this rise while trading at only 0.77 on June 14, reached 2.03, the new peak of the year, on August 19.
Following this choppy rise, RUNE price is spending time between 1.45 and 1.95. These ranges show consolidation between highs and lows until the price moves outside these limits. For technical analysts, the RSI is an important indicator when assessing market conditions. If the RSI value is above 50 and the trend is upward, the bulls have the advantage. Currently, this indicator is above 50 and moving upwards. This is a sign of a bullish trend for the altcoin.
RUNE price prediction: Is $2 in the cards for the altcoin?
According to the Elliott Wave theory, which examines long-term price movements and investor psychology, the altcoin price is in the fifth and final wave of the upward movement that started in June. The defining feature of this move is the symmetrical triangle pattern seen in the fourth wave. This motion is the most common structure for this type of waves.
If this analysis is correct, the altcoin price is targeting around 2.40, 35% above the current price. This target is located from the 1.61 outer Fibonacci retracement of the fourth wave. However, a drop below the September 25 low of 1.65 invalidates this prediction.
As a result, altcoins like THORChain continue to quietly rise in the market and provide opportunities for investors. However, as always with cryptocurrencies, it is important to be careful and do your own research. It is useful to follow technical indicators and analyzes to predict which direction the markets will move.
Altcoin bulls are losing momentum
According to data from CoinMarketCap, after several weeks of price gains and upward divergence from the rest of the market, THORChain has begun to decline. cryptokoin.com As we stated, It became the altcoin that experienced the most significant decline last week.
In August, RUNE outperformed the rest of the altcoin market, gaining 66%. The main reason for this was two factors. First, RUNE has a low positive correlation with Bitcoin, whose price dropped 10% in the same period. The second is THORChain, the decentralized liquidity network where RUNE is the native token. implemented a series of protocol updates.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel!