Skip to content
- THORChain (RUNE) sees a 113.06% surge in trading volume, signaling strong bullish momentum.
- RUNE’s RSI at 32.13 suggests an oversold condition, indicating potential for a price rally.
- Despite a drop in open interest and volume, analysts remain hopeful for RUNE’s recovery.
THORChain (RUNE) experienced a huge influx of trading action, experiencing a 113.06% gain in volume within the last 24 hours. This increased volume is a sign of bullish movement, and it may suggest that RUNE may gain more, provided that the market trend continues. The coin has experienced volatility in the recent past, but analysts are optimistic about a possible recovery.
At the time of writing, RUNE is trading at $0.8409, which is up 0.36% over the previous 24 hours. The coin has, however, shown some recent market struggles with a decline of 5.86% in the last week. The trading volume is also robust at $102.28 million, demonstrating that investors are still interested in it despite this decline.
Source: CoinMarketCap
THORChain Could Reverse with Strong Support and Accumulation
Jonathan Carter, a prominent analyst, revealed that the coin is protecting its descending channel support on the weekly chart. Analysts think that such solid backing coupled with an accumulation trend might result in a reversal.
If this happens, the price targets of RUNE can be in the range of $1.25, $2.20, $3.50, $7.50, and even higher at $12.50. These levels indicate that there is a significant potential upside in case the trend changes.
Source: X
RSI Indicates Possible Rally as MACD Remains Bearish
The Relative Strength Index (RSI) is 32.13, which is close to the oversold point. This implies that RUNE could experience a rally, since the RSI shows that the coin will reach oversold levels. Provided that the buying pressure also grows, the RSI might also reach higher levels, indicating the price rebound possibility.
Also Read: Kadena Shuts Down Operations, Hands Blockchain Control to Community Governance
The Moving Average Convergence Divergence (MACD) is still bearish on RUNE. The MACD line now stands at -0.088 under the signal line, which is at -0.081. This shows RUNE continues to move downwards, but there is still hope of a reversal. The turning point of the coin might be a change in the MACD, which indicates the beginning of a bullish trend.
Source: TradingView
Trading Volume and Open Interest Drop, Bearish Signals for RUNE
CoinGlass data shows a decrease in trading volume of 10.99% to reach $37.67 million. Open interest has also dropped by 3.03% to $16.27 million. The OI-Weighted Funding Rate stands at -0.0152%, which is a bearish market indication. These values indicate that there is some downward force to the market, but there is still hope of market recovery.
Source: CoinGlass
Although RUNE has experienced some setbacks lately, its high volume of trading and its main support levels indicate that the currency is about to undergo a recovery. Traders are now keenly following such pointers to determine whether the coin will be able to turn around its course and hit new highs.
Also Read: Federal Agencies Target Year-End Milestones for Crypto Regulation
