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RUNE Price Analysis: THORChain price resistance at $10.435, set for a bearish retracement?

RUNE Price Analysis

TL;DR Breakdown

  • RUNE price analysis is bullish for today, up by more than 18%.
  • RUNE/USDT nearest support is present at $7.96.
  • Resistance at $10.435 remains unbroken.

RUNE price analysis is bullish for today as the data from CoinMarketCap shows that in the past 24-hours, the highest price achieved was $11.27 while the lowest was $8.19. Furthermore, the trading volume of the RUNE/USDT token rose by 262.12%, currently at $318 million.

With a 20.88% price surge in the market cap, the current value stands at $2.3 billion. The price has been bullish in recent days, with a daily high of $11.34 recorded on Binance today.

The price is up by more than 46% in the month of October, and we can expect higher prices as BTC has already made a new all-time high.

RUNE price analysis using the technical indicators on the daily chart

The daily chart today shows that the RUNE price analysis is bullish. The price action broke out from the upper end of the Bollinger Bands, indicating that higher prices would follow.

The 50-day and 100-day Moving Averages are above the price action, indicating that we will be witnessing newer highs on the daily chart for the short term.

RUNE price analysis
RUNE price analysis on the daily chart by TradingView

The RSI indicator portrays a value above 60, i.e., the buying pressure is currently dominating as the gradient of the line remains positive. The bulls might take the price into the overbought region.

On the MACD indicator, the MACD line is progressing above the signal line as we witnessed a bullish divergence. This means that we will see higher highs on the daily chart pretty soon.

RUNE Price Analysis: THORChain price resistance at $10.435, set for a bearish retracement? 1
RUNE price analysis on the daily chart by TradingView

RUNE price analysis: Conclusion

RUNE price analysis can be concluded on a bullish note as the price action, and if the situation persists, we might see a new all-time high very soon. After the recent hack episode, the Twitter handle for THORChain thanked the community for its patience.

“A big shout out to the community for your patience throughout the last several weeks. Thank you to the community devs, security and auditor partners. Another timely reminder: we are in chaos net for a reason.”

The handle further commented about the success of the RUNE token despite the two hacks.

“Almost no LPs withdrew their liquidity after coming back online. The caps are full. Volumes are at their highest. The 180m RUNE wallet (36%) is the network reserve, paying out to those who participate.”

On the other hand, if you are looking for some more insight into the RUNE price, have a look at our longer term Price Prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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