Thorchain(RUNE) Technical Analysis: RUNE Price Eye’s at 20% Upswing

Key Takeaways

• The RUNE price closed the previous day’s trade at $11.87 with a market capitalization of $4.06B and a circulating supply of 330,688,061.33 RUNE
• The asset flipped the bearish trend at the beginning of the present month and maintained a strong uptrend gaining more than 200% 
• Thorchain price may attempt to close the monthly trade above $10 as the bulls current appears in a stable condition

Thorchain(RUNE) Technical-Analysis for Today: 30 March 2022

The RUNE price underwent a notable upswing through the previous day’s trade and is currently experiencing slight exhaustion. However, until the asset maintains above the double-digit figure, the price could be pretty bullish with a decent chance of a rebound. Woefully, the descending trend may continue for some more time but may remain firmly above $10. However, the price before the end of the day’s trade could hit these levels and attempt a rebound.

Thorchain(RUNE) Technical Analysis at a Glance

After the RUNE price smashed the highs beyond $20, the asset witnessed a drop and also attempted a notable recovery. However, despite a rejection, the price appears to be self-assured of regaining the lost positions. Therefore, a monthly close beyond $15 could validate a substantial uptrend since the beginning of the next quarter. 

Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Oscillators

The RUNE price is extremely bullish in all time horizons. However, a couple of indicators point to an interim pullback but the majority remains neutral. Therefore, the possibility of a correction is pretty high as the price has just surpassed the crucial resistance at 50-day MA in STF.  

On the contrary, the long-term forecast is pretty bullish. But the RSI has reached the overbought levels and hence a retest to the lower support is possible. However, the rally is pretty strong & still capitulated by bulls, therefore a rebound could be imminent. 

Additional Read: RUNE Price Prediction.

RUNE /USDT Technical-Analysis for Short-Term

Source: Tradingview

• The recent jump in the RUNE price had formed a huge poll of the bullish flag which was completed by the further consolidation 
• The asset faced a pullback within a very narrow trend and is accumulating strength to pull a massive leg up. 
• Once the price undergoes a notable flip from the bottom one can expect a notable uptrend towards the previous day’s highs initially
• However, they may continue to range high beyond $13 to hit $15 in the upcoming days to ignite a notable bull run

RUNE/USDT Technical Analysis for Long-Term

Source: Tradingview

• The RUNE price has showcases yet another possibility of pulling a massive leg up as the price has reached the neckline of the Cup of the probable Cup and Handle pattern
• Once the asset rebounds from the pattern then it is very important to slice through the immediate resistance at around $16
• On the other hand, the price also has formed a huge double bottom pattern but a notable breakthrough may be validated only when the price surpassed the descending trend line
• However, the asset needs to clear the trend line and hit the immediate resistance at $17 to certify a strong uptrend

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