With a lower high formation trend, the RUNE price is challenging the dynamic resistance of the 50D EMA. Further, the increasing momentum in Thorchain as it sustains above the 200D EMA signals an intense bull run coming in for the altcoin.
As the uptrend is gaining momentum, the breakout run in Thorchain eyes crossing the overhead Fibonacci level for a sharp rise. So, Will Thorchain reach $100 in 2024 in the upcoming altcoin season? To answer such queries, read our RUNE price prediction now.
Will Thorchain Break Above $5?
Source- TradingView
Taking support from the 200D EMA, the RUNE price breaks above the pullback phase and challenges the 50D EMA. Further, the lower high formation leads to a support trendline in motion, that confirms an ascending triangle with the neckline at $5.
The bullish reversal from the 200D EMA presents an inverted head and shoulder with a neckline coinciding at $5. Further, the neckline shares the space with the 38.20% Fibonacci level, reflecting a strong confluence of resistance.
Currently, the RUNE coin price trades at $4.64 with an intraday growth of 1.53% forming a bullish candle to support the reversal momentum. As a result, this increases the possibility of a breakout trend.
Technical indicators:
RSI Indicator: The daily RSI line shows a bullish trend in motion as it crosses above the halfway line.
Will RUNE Price Explode To $10?
As the uptrend projects multiple bullish patterns rising against the strong resistance confluence at the $5 mark, RUNE stands at a pivotal point. If the RUNE price sustains momentum to break above the $5 zone, the uptrend can result in a sharp run to the $7 mark. Optimistically, the uptrend can reach the $10 mark.
On the flip side, a breakdown below $4.3 can drop Thorchain to $3.64.
