THORChain (RUNE) Reaches New Yearly High – Can It Move to Double Digits?

The THORChain (RUNE) price has increased by 90% over the past 11 days, culminating with a new yearly high of $2.92 today.

Despite the increase, RUNE still has not broken out above the main resistance area at $2.90, which has been in place for 525 days.

RUNE Reaches Yearly High

The RUNE price has increased rapidly during the past three weeks, creating successive bullish weekly candlesticks. During the increase, the price broke out from the $1.90 horizontal resistance area.

Today, the price reached a new yearly high of $2.92 and currently trades inside the $2.90 horizontal resistance area.

This is a crucial area since the price has not closed above it for 525 days. Additionally, there is a lack of overhead resistance if RUNE breaks out.

RUNE/USDT Weekly Chart. Source: TradingView

The weekly Relative Strength Index (RSI) provides a bullish reading. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.

The RSI is increasing and is above 50, both considered signs of a bullish trend.