Crypto News- THORChain’s (RUNE) price has experienced a remarkable 90% surge over the past 11 days, reaching a new yearly high of $2.92 today. However, it still grapples with the stubborn $2.90 resistance that has held for a staggering 525 days.
THORChain Soars to a New Yearly High – A Double-Digit Rally in Sight?
In a three-week bullish streak, RUNE has consistently painted a positive picture with successive weekly candlesticks. It recently broke free from the $1.90 horizontal resistance, finally reaching the coveted $2.92 yearly high. Yet, it remains within the $2.90 resistance zone that has eluded it for over 500 days.
This price point is of significant importance due to its prolonged resistance. Furthermore, if the altcoin manages to break free, it faces limited overhead resistance. The weekly Relative Strength Index (RSI), a valuable gauge for market conditions, supports this bullish narrative. The RSI, which traders use to identify overbought and oversold markets, currently signals a favorable outlook.
An RSI above 50 in an upward trajectory indicates a bullish momentum, and RUNE meets both of these criteria.
The positive RUNE forecast is complemented by the daily chart, supported by the Elliott Wave theory and RSI metrics. Technical analysts employ the Elliott Wave theory to decipher market direction based on long-term price patterns and investor sentiment.
The prevailing RUNE price analysis suggests a five-wave ascent that began in June. It appears to be in the fifth and final wave (marked in black). This fifth wave has extended beyond the combined lengths of the first and third waves. Given this extension, the potential target is approximately $3.50, which is 1.61 times the length of waves one and three.
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