THORChain Price Signals Bullish Trends as RUNE Eyes New Highs
The THORChain price surged over 9% in the past 24 hours to trade at $585 at press time.
The THORChain Price Testing Resistance
In recent trading sessions, the THORChain price has exhibited noteworthy movements on the 4-hour chart, signaling several potential trends and trading opportunities for the astute investor.
The closing prices for RUNE have shown a rising trend with figures moving from $5.459 up to a peak of $5.856, before a slight dip to $5.816. This upward trajectory aligns with the incremental increases in both the 9 Exponential Moving Average (EMA) and the 20 EMA. As of the last recorded session, the 9 EMA stood at $5.5735, and the 20 EMA at $5.4441. This indicates a bullish crossover scenario where the shorter-term moving average resides above the longer-term average. Traders might see this as a sign of a possible continuation of the upward trend.
The market has tested significant resistance at $5.831 and $5.864. If the upward momentum persists, a break above these levels could confirm a strong bullish trend with potential targets moving higher. Conversely, the support levels to watch are at $5.545 and $5.52. A breach below these could indicate a reversal or a pullback. This could provide key entry points for those looking to capitalize on short trades.
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both underline the bullish sentiment. The MACD line has progressively risen above the signal line, culminating in a histogram value of 0.0432 in the most recent period.
Moreover, the RSI has climbed from 59.36 to an overbought threshold at 72.13 before settling at 69.64. This indicates that the buying pressure has been strong, although investors should be wary of potential overbought conditions which might result in a price correction.
Possible Trade Ideas
Given the bullish signals from both the price action and indicators, traders might consider entering long positions if the price successfully breaches and holds above the resistance at $5.864. A potential exit target could then be before the next major resistance level. For those considering short positions, a fall below the support level of $5.52 could serve as a trigger. Bearish indicators such as a MACD crossover to the downside or an RSI falling below 50 could strengthen the signal.
The technical indicators for RUNE are currently skewed towards bullishness, suggesting that there might be room for further price appreciation if key resistance levels are breached. However, traders should monitor for any signs of reversal, especially if support levels are broken.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
