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.
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
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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
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