As the cryptocurrency market struggles with bearish pressure RUNE Its price increased by over 8% in the past day. On the other hand, the price attracted attention with a jump of 23.16% in the last seven days.
RUNE price displayed a neutral trend, trading in a consolidated range between $3.50 and $6,130 for the first two months. As volatility in the cryptocurrency market increased, the bulls regained momentum and recorded a 108.96% jump in the next seven days.
Rejection above the $9,950 resistance level. THORChain resulted in the price recording a correction of 30.97%. Following this, RUNE consolidated for a while. With increased volatility, the bulls failed to hold above the $7,335 support level.
This caused the altcoin to lose 35.37% in value. Since then, the price has been trading between $4,740 and $6,130 and is on the verge of testing the resistance level, the outcome of which is unpredictable. Moreover, the 50-day EMA acts as a resistance, indicating a bearish trend in the sector.
The Relative Strength Index (RSI) shows a significant rise on the chart, indicating increased buying and selling pressure. On the other hand, it exhibits an average upward curve, indicating that the price will continue to appreciate in the coming period.
Will RUNE Price Rise?
If RUNE price breaks above the $6,130 resistance level, the bulls will continue to trade under a positive influence and prepare to test the upper resistance level at $7,335. Holding the price at this level will pave the way for THORChain price to prepare to test the upper high of $8,725.
On the downside, in case of a bearish trend reversal, RUNE token will lose momentum and decline towards the key $4,740 support level in the coming period.
