RUNE Technical Analysis – September 2021
In the last 30 days, RUNE has increased by almost 100%. This increase was marked with a price of $12.5 on August 23rd. However, the price pulled back after that, and now RUNE is attempting to climb to that range once again in the coming days.
Over the last 7 days, RUNE has increased by more than 20%, making it a very lucrative week for traders who bought RUNE tokens. If RUNE cannot break resistance, then a correction might occur, where RUNE might test support at $10.27.
In an intraday chart, RUNE has been extremely volatile and has ranged from $10.30 to $10.71. The recent candlesticks in a 1-hour chart suggest bullish tendencies in the coming hours.
The 20-day moving average is below the price and may act as support in the coming days as it has been doing over the recent weeks. Furthermore, this moving average is a good indicator that the RUNE uptrend might keep going.
The 9-day EMA also can act as support as it has recently aligned with the wicks of the recent candlesticks. This is yet another indication that RUNE might keep its bullish nature.
Relative Strength Index
The relative strength index of a daily chart is currently at 65, meaning that RUNE is not yet overbought. It has slightly increased in recent days, indicating that the RSI might approach close to 70 and increase even more.
The signal line is slightly above the MACD line, indicating bearish momentum. However, the two lines are so close that MACD might take over at any moment. Nonetheless, MACD is still above the baseline.
Drawing the Fibonacci levels from the beginning of the uptrend, we can notice that RUNE has retraced below the 23.6 level, but has not closed below the 38.2% level despite going lower than that. This may be a good level of support if RUNE attempts to reverse.
Even though it is hard to predict how the price of a cryptocurrency might move, we could see an impulsive wave for RUNE in the coming days. One reason for that might be the Elliot Waves pattern forming. The first four waves have presumable ended, and the last impulsive wave that can see RUNE aim even higher might occur in the coming days.
Price Prediction THORChain – September 2021
If RUNE breaks resistance at $12.50, then we might see RUNE attempt to reach $15 in the coming weeks. That is entirely possible based on the indicators and the recent price pattern of THORChain. If support fails, then RUNE may as well go below $8.
Latest News for THORChain – Affecting Price
THORChain and its projects within the network have been hacked three times over the last three months. This causes uncertainty and lowers the demand for using THORCHain. Undoubtedly, this can have adverse effects on the price of RUNE. Nevertheless, that has not been the case so far in this bullish run.
Also Read: THORChain (RUNE) Price Prediction – What are the Forecasts for the RUNE Price in 2021 and Beyond?