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THORChain price (RUNE) experienced broke out of a channel and retested the trendline support zone of $4. Since the beginning of August, the token has been accumulating, soaring more than 55%.
After rising above the 20 and 50-day EMA marks, RUNE is primed for a launch in the form of a bullish reversal. It escaped the declining trendline barrier of $4, trapping sellers.
As buyers are gaining traction, throughout last week, THORChain price remained above the 20 day EMA mark and displayed signs of strength. It has seen a major price increase during the past few trading sessions; its year to date (YTD) is 156%, indicating long term bullish energy.
RUNE Shows Bullish Cues, Rally Imminent?
At press time, THORChain traded at $4.14 with an intraday rise of over 1.90%. An over 190% surge in its trading volume was spotted during the intraday session. As of now, the buying interest is solid.
With a market cap of $1.24 Billion, the token ranks 53rd on CoinMarketCap (in terms of market cap). It has a volume-to-market cap ratio of 0.0891.
On the daily chart, RUNE exhibited bullish favor as it came out of channel trajectory above the $4 mark. If the sentiment sustains, the token could skyrocket ahead.
RUNE Price Volume Chart Source: Santiment
The Relative Strength Index (RSI) shot up to 56, still, the overbought zone is yet to be reached, a strong positive indication. The Fibonnaci levels showed $4.50 and $5.20 mark were the next resistance levels to watch out.
In a recent tweet by @iamjackis, he pointed out that the THORchain price displayed a strong chart structure and was primed for an upward move. He added that it is worth taking and giving opportunities to buy here.
I was a bit joking yday but also kinda not
— JACKIS (@i_am_jackis) August 28, 2024
I still stand by it. Generational buying opportunities right here, you'll tell your kids about. Totally worth the risk
Bought $RUNE today
History doesn't repeat but it often rhymes & I have been here before. HTF will always beat LTF https://t.co/kvrdwfqMEj pic.twitter.com/E9Lj5i3eQo
Tweet by @IamJackis Source: X
A major upswing in the upcoming trading sessions is expected and the token might see a breakout rally soon.
Development Activity Data Saw a Massive Vertical Spike
Followed by the significant price accumulation, the development activity of THORchain price witnessed a sharp uptick and rose to the upward region. This intense rise hints the developers and contributors pushed hard, underlined the positive updates.
Social Dominance Data Source: Santiment
Social dominance data stayed flat near the bottom around 0.1%, which signifies a decrease in online discussion activity on the media platforms. The THORchain price action reflects that it has geared an up move and pushed its limits.
Despite the choppy market movements, RUNE has uplifted by its half and saw a substantial price increase. The Open Interest (OI) began to climb along with the token price, rising over 1.49% to $48.28 Million.
This was a sign of bullish conviction in the futures market, as traders are hoping for a price uptick. Above $4.50, the $5 and $5.90 levels are the next significant resistance levels. In particular, the $3.80 mark is the immediate support. Below it, the THORchain price can go toward the $3 mark in the coming sessions.