Thorchain Price Prediction October 2021: Will RUNE Reach $10?

RUNE Technical Analysis – October 2021

Monthly Analysis

Over the last 30 days, RUNE decreased by around 47%. This decrease was then supported at $6.4 twice in a period of 7 days. After that, the price of RUNE started increasing and the trend reversed.

Weekly Analysis 

In the last 7 days, RUNE has increased by around 47%. This increase faced resistance at $9.3. After that, the price pulled back, but it was recently supported at $8.1.

Thorchain Price Prediction October 2021: Will RUNE Reach $10?

Daily Analysis

In the intraday chart, RUNE has been highly volatile. The trend is bullish and the price could keep increasing in the coming hours, where there might be pullbacks eventually.

Key Structures

Support

  • $8.10

Resistance

  • $9.3

Indicators

Moving Average

The 20-day moving average is now below the price due to the recent price increase, indicating that the trend is now bullish. The MA line has recently acted as support and may continue to do so in the coming days.

The 9-day EMA is also below the price, meaning that the short-term trend is now bullish and that the price of RUNE could keep increasing.

Relative Strength Index

The RSI is slightly above 50, meaning that the momentum is bullish and that there is still room for growth for RUNE in the coming days. The same applies to the 4-hour chart, which is now above 50, but it was recently in the overbought region.

MACD

The MACD line of a daily chart is above the signal line, indicating that the momentum is bullish and is now headed above the baseline. As for the 4-hour chart, it is below the signal line, meaning that the price of RUNE could decrease in the shorter run.

Fear & Greed 

The fear and greed indicator suggests that the current emotion for RUNE traders is fear, which could be translated into bearish tendencies.

Thorchain Price Prediction October 2021: Will RUNE Reach $10?

Fibonacci

The Fibonacci retracement levels suggest that the price has recently retraced to the 38.2% level. Due to this retracement, we could see RUNE aim for one of the extension levels in the coming days.

Thorchain Price Prediction October 2021: Will RUNE Reach $10?

Price Prediction RUNE – October 2021

Based on this technical analysis on Thorchain (RUNE), we could see its price increase in the coming days up to $10 if it manages to break the resistance level at $9.3. If the price is stopped there and a double top is formed, we could see the trend reverse as well.

Latest News for RUNE – Affecting Price

THORSwap, a cross-chain DeFi Exchange in the Thorchain ecosystem, has recently raised $3.75 million in a private token sale. This project can greatly impact the price of RUNE, and such sales can benefit RUNE holders (HODLers).

Also read: THORChain (RUNE) Price Prediction – What are the Forecasts for the RUNE Price in 2021 and Beyond?