Following a bearish end to the last week, the RUNE price is starting a fresh recovery phase from a crucial demand zone. Leading to a potentially bullish pattern breakout, the uptrend in Thorchain’s native token price teases a take on the psychological mark of $10.
With the intraday growth teasing a trend continuation for the rising Thorchain market value, the breakout signals an entry point for interested players. Moreover, as per our RUNE price prediction, 2024 is expected to be a bullish year for Thorchain in the long term.
Source – Tradingview
RUNE’s price completes a successful retest and a bounce back from the pivotal demand zone at $4.96. With the support of the rising 50-day Exponential Moving Average (EMA) and the 38.2% Fibonacci retracement level, the prevailing uptrend resumes the path to recovery.
Furthermore, this week’s fresh recovery marks a 14.55% jump and forms three consecutive bullish candles, a positive technical omen. In addition, the uptrend teases a bullish break of the double bottom pattern with a neckline at $6.
Currently, the RUNE coin price trades at $5.91 with an intraday gain of 3.33%, projecting a strong rise in the underlying demand. Supporting this thesis, the rise in the intraday trading volume improves the uptrend possibility.
Technical indicators:
MACD indicator: The bullish crossover in the MACD and signal lines marks a trend continuation for Thorchain following the short pullback.
EMA: The ongoing positive trend grows more vital for the 50D and 200D EMA, reflecting a solid underlying demand for RUNE.
Will RUNE Price Reach $10 With A Breakout?
If the price of RUNE can hold above the 23.60% Fibonacci level at $5.75, it could lead to a bullish break of the double bottom. In case the uptrend leads above $6, the Fibonacci levels tease a new swing high formation near the psychological mark of $10.
However, if it breaks below $5.75, it could retest $4.96. The $4.96 support level is significant because it is the previous rally’s 50% Fibonacci retracement level from $3.5 to $5.5.
