RUNE Technical Analysis: Will RUNE Prices Sustain Above $2?

An increase in buying pressure drives RUNE prices higher to $2 with the support of increased trading volume. Will this reversal rally sustain above $2?  Key technical points:

  • The RUNE market price has appreciated 7.66% over the past five days.
  • The price action faces opposition from the midline of the Bollinger Bands.
  • The 24-hour trading volume of Thorchain is $110 Million, indicating a hike of 43%.

Past Performance of RUNE During the April-May bloodbath, the RUNE price lowered within a falling channel pattern. Concerning the April High of $13.2, the downfall deprecated the altcoin by 88.5% and plunged it to a low of $1.45. However, with Bitcoin sustaining above the $20K support, the market sentiment has witnessed some improvement and encouraged coin buyers for a channel breakout. TradingView Chart Source- Tradingview

RUNE Technical Analysis 

On June 19th, the RUNE price pierced the resistance trendline of the falling channel pattern, indicating a recovery opportunity for the investors. Furthermore, the higher price rejection candles displayed in the breakout rally suggest a retest reversal to the breached trendline. MACD indicator: The bullish crossover of the MACD and signal line bolsters the channel breakout theory. Moreover, sustained buying should lead these slopes above the midline, providing additional confirmation for long buyers. RSI indicator: Despite a minor consolation in price action during the retest phase, the daily-RSI slope rising reflects growth in bullish momentum Bollinger Bands: the coin price trading below the midline of the Bollinger band indicator, suggests the sellers are still in charge. Moreover, this midline has acted as a dynamic resistance since mid-April. In a nutshell, the RUNE technical analysis indicates the channel breakout may carry a significant recovery rally.

Upcoming Trend

If the RUNE buyers sustain the retest phase, the altcoin would reclaim the $4 psychological level. On a contrary note, a $1.45 fallout would indicate the continuation of the prevailing downtrend and sink the coin price to $1. Resistance Levels: $2 and $4 Support Levels: $1.50 and $1

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