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The RUNE coin price breaks above the falling channel pattern in the daily chart that awaits the collapse of $8.15 resistance to continue the rally.
Thorchain, a decentralized liquidity protocol, allows participants to effortlessly exchange digital assets across a variety of networks in the crypto-verse. The primary utility token for the Thorchain platform is called RUNE and it serves as the currency of base in the ecosystem.
And, it is also used to govern the platform's governance and security in the context of the ecosystem’s Sybil resistance mechanisms. This is because the nodes in Thorchain blockchain have to commit to a minimum amount of 1 million RUNE in the rotating consensus process.
Let us move ahead to read about the RUNE technical analysis.
Past Performance of RUNE
The RUNE coin price grows almost 20% after finding demand near the support zone at $6.5 on January 1st. Moreover, the price jump finally breaks above the falling channel pattern. However, the price needs to overcome the supply at the $8.15 zone to continue the rally.
RUNE/USD Daily Chart
RUNE Technical Analysis
As indicated in our previous RUNE technical analysis, the rising underlying bullishness breaks above the falling channel pattern. Moreover, the double bottom pattern near the support zone $6.5 comes true.
The Stochastic RSI indicator showcases a bullish divergence in the last two dips at $6.5. Furthermore, the rising K and D lines in the daily chart give a bullish crossover to maintain a positive trend towards the overbought zone.
The ADX indicator reflects the falling slope stabilizing near 14.00 level and may shortly showcase a rise in trend momentum. The breakout of $8.15 can result in a spark in the ADX slope.
The uptrend from the current supply zone breakout can face opposition near $11.80 and $16. However, the failure to sustain the buying pressure can result in a retracement in RUNE coin price to $6.5.
Upcoming Trend
The RUNE coin price shows a rise in underlying bullishness with the breakout of the falling channel. And, the technical indicators showcase the start of another bull run awaiting the breakout of $8.15.