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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.