7 October RUNE Price Surges Beyond 2 Dollars Mark, Achieves New Annual High

Crypto News– On October 6th, THORChain (RUNE) achieved a significant milestone by surmounting the long-standing resistance at $1.95, catapulting itself to a new yearly zenith of $2.27.

7 October RUNE Price Surges Beyond 2 Dollars Mark, Achieves New Annual High

Prior to this weekend’s breakout, the $1.95 resistance zone had persisted since the outset of the year, proving to be a formidable barrier. The RUNE price had been on an ascent since its bounce from the $1.45 horizontal support zone, as denoted by the green icon, which transpired on September 4th. The pace of this ascent escalated notably on September 11th, ultimately propelling the price to the $1.95 range by September 18th, indicated by the red icon.

In scenarios where the price oscillates within a horizontal range, it essentially consolidates between the high and low before eventually making a decisive move beyond the confines of this range. The direction of the impending trend hinges on whether the cryptocurrency breaches the upper or lower boundary of this range.

Crucially, the daily Relative Strength Index (RSI) paints a bullish picture. As a momentum indicator, the RSI is instrumental in assisting traders in discerning whether a market is in an overbought or oversold condition, thereby guiding decisions on the accumulation or sale of an asset.

Bulls enjoy an advantageous position when the RSI reading resides above the 50 threshold, coupled with an upward-trending market. Conversely, a reading below 50 indicates bearish sentiments. Currently, the RSI not only stands above 50 but is also on an upward trajectory, signaling a robust bullish trend.

Anticipating the Next Local Top for RUNE Price Movement

The Elliott Wave theory serves as a valuable tool for identifying recurrent long-term price patterns and deciphering investor psychology, aiding traders in ascertaining the trajectory of a trend. Presently, the prevailing Elliott wave count suggests that the RUNE price is traversing the fifth and final wave of an upward surge, denoted in black, which commenced its journey back in June.

Within this upward movement, a symmetrical triangle pattern manifested in wave four, which is a distinctive characteristic often observed in wave four positions. Should this wave count prove to be accurate, it implies the potential for the RUNE price to sustain its upward momentum, potentially ascending to the range of approximately $2.40 to $2.70. This projection signifies a promising 15% upswing from its present valuation.

This target has been derived using the 1.61 external Fibonacci retracement level of wave four, depicted in black, in conjunction with the combined length of waves one and three, represented in white. The Fibonacci retracement principle posits that following a significant price shift in one direction, there is a tendency for the price to undergo a partial reversal or retracement to a previous price level before resuming its original trajectory. This concept can be effectively applied to gauge the potential apex of forthcoming upward movements.

THORChain Liquidation Analysis

In the past 24 hours, THORChain (RUNE) has experienced nearly equal amounts of long and short liquidation. Long liquidation has amounted to $261.09K, while short liquidation has resulted in $215.92K. This signifies a fierce battle between buyers and sellers, indicative of heightened market volatility.

In conclusion, the current outlook for the RUNE cryptocurrency appears bullish as the coin adheres to a favorable price action trajectory, marked by the establishment of higher highs. Both the Exponential Moving Average (EMA) and Relative Strength Index (RSI) suggest a buy signal, further supported by robust trading volume.

As a result, the THORChain’s price is poised to maintain its upward trajectory, unless it undergoes a significant breach below the rising wedge pattern.

Technical Levels: Support levels for THORChain Coin: $0.92 and $1.60 Resistance levels for THORChain Coin: $2.20 and $3.10

Disclaimer: The views and opinions expressed by the author or any other individual mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies or stocks carries the risk of financial loss.