The price of THORChain (RUNE) surged by more than 17% over the past 24 hours, according to data from the cryptocurrency price tracking website CoinMarketCap. Subsequently, the altcoin’s value stood at $2.86 at press time. Along with the significant price increase, RUNE also recorded a 128.26% uptick in its 24-hour trading volume.
Daily chart for RUNE/USDT (Source: TradingView)
A bullish trend line formed on RUNE’s daily chart over the past 2 weeks. During this time, the altcoin printed a series of higher lows. This multi-day sequence also led to RUNE overcoming two major price barriers.
The first resistance level that was surpassed was the $2.225 price point, and RUNE was able to break above this mark on 26 October 2023. In the couple of days that followed, the cryptocurrency’s price was then able to overcome the next barrier at $2.525.
This was taken as a bullish sign by traders, as they pounced on the opportunity, which caused the surge in RUNE’s price over the past 24 hours. Subsequently, the altcoin was attempting to overcome the next resistance level at $2.920 at press time. If it is able to close today’s candle above this point, then it will have a clear path to the next threshold at $3.130.
Technical indicators suggested that RUNE’s price may continue to rise in the next 24-48 hours. The daily MACD line was positioned above the daily MACD Signal line at press time. Furthermore, the gradient of the MACD Histogram was positive. This all suggested that RUNE’s positive trend may continue in the short term.
The daily RSI line was also positioned above the daily RSI SMA line, which signaled that bulls had a slight advantage against sellers. Should these technical flags be validated, RUNE’s price may close today’s daily candle above $2.920. This bullish thesis could be invalidated if it does not close above this mark within the next 2 days.
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