Despite a volatile trend in other cryptocurrencies, the price of THORChain (RUNE) got off to a flying start in March. The altcoin gained 131% from the $3.34 support level during the first half of the month. The buyers are marching towards the next resistance level of $8.3 and preparing for another breakout.
Most important points:
RUNE price chart shows bullish crossover of 20 and 50 EMA in daily timeframe chart
The intraday trading volume in the RUNE token is $66 million, indicating an increase of 1.85%.
Source- Trading Display
In February, the RUNE/USDT pair has fluctuated between the $5.7 and $3.5 levels. The two came back from this annual support ($3.5), indicating a strong accumulation zone for buyers. On March 12, buyers broke the overhead resistance ($5.7), causing a weekly candle to close above.
RUNE price started the new week with strong follow-up candles. The altcoin is trading high 34% from the breached resistance and rising to the next resistance at $8.3. The coin chart shows two adjacent resistances at $8.3 and $9.2, providing a strong defense for buyers.
If buyers manage to break out and stay above these overhead resistances, long traders can expect a 26.5% growth opportunity.
Contrary to the bullish statement, if sellers reject the $8.3 or $9.2 altcoin. A small pullback to the $5.7 mark is possible.
Technical indicator
The parabolic recovery has crossed the key EMAs (20, 50, 100 and 200). The Rising 20-Day EMA Performs a Bullish Crossover with the 50 EMA, Giving Buyers an Additional Advantage
The daily-Relative Strength index (73) slope trendline higher shows increasing bullish momentum.
Resistance Levels – $8.3 and $9.2.
Support Levels- $5.7 and $3.35
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
I have been working in journalism for the past 5 years. I follow the Blockchain & Cryptocurrency of the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. contact me at brian (at) coingape.com
This post THORChain Price Prediction: RUNE Price Doubles In A Week, Eyes On $9 Resistance
was published first on https://coingape.com/markets/thorchain-price-prediction-rune-price-doubled-in-a-week-eyes-on-9-resistance/
