Cryptoknowmics
2022-10-04 09:47:56

RUNE Technical Analysis: Reversal At $1.50 Lights Bullish Hope

The RUNE technical analysis displays a bullish breakout of the long-coming resistance trendline taking a potential trend reversal. The RUNE price action highlights the support trendline fallout rally reversing from the $1.50 psychological mark to end the long-coming downtrend. 10% increase in the last 48 hours projects a high likelihood of a bullish turnaround that may challenge the 50-day EMA. Key Points: The Thorchain price action shows a recovery rally approaching the 50-day EMA. The increase in buying pressure teases a bull run. The intraday trading volume in Thorchain is $42.87 Million. Source-Tradingview RUNE Technical Analysis The RUNE price action shows a 50% drop in market value in the last two months after the support trendline fallout. Additionally, the declining prices reach the bottom support level of $1.50 and generate a resistance trendline. However, the increase in buying pressure at the psychological mark of $1.5 resulted in a 10% price jump leading to two bullish engulfing candles. And the recovery rally breaks above the new resistance trendline highlighting a breakout entry opportunity. Hence the high momentum bullish reversal rally increases the possibility of prices exceeding the 50-day EMA. The breakout rally can result in a price jump to the psychological mark of $2 at the 38.20% Fibonacci level. Conversely, if RUNE prices reverse to retest the broken resistance trendline, sideline traders can expect a s...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.