The cryptocurrency market saw a strong bullish reversal following the release of the US April CPI report, with global valuations rising by 5.52%. Additionally, Bitcoin has managed to reclaim the $65,000 mark after a 6.87% increase in price.
On the other hand, RUNE’s price has increased by 15.01% in the past day, reaching $465.114 (+46.54%) in trading volume, making it one of the biggest gainers among the top 100 cryptocurrencies by market cap. Will RUNE reach $10 this month?
RUNE token is about to test its important resistance level:
After about a week of bearish price action, the valuation has fallen by 17.65%. THORChain prices recorded a sharp rise in oversold pressure overnight, highlighting a strong bullish reversal in the market and the possibility of a new bull run.
It has gained around 5% today and is about to test its important resistance level at $6.575, with the outcome still uncertain.
Moreover, the 50-day moving average has made a bullish crossover in the chart, suggesting a positive outlook for RUNE price in the future.
The Relative Strength Index (RSI) has crossed the midpoint, showing a significant uptick in the chart and further highlighting a positive reversal in price action. In addition, the averages are showing a bullish curve on the 1D timeframe, suggesting that prices will continue to appreciate in value in the coming period.
Will the RUNE price increase?
If the market pushes the price above the $6.575 resistance, the bulls will regain momentum and prepare to test its overhead resistance at $8.250. Sustaining the price at this level will set the stage for RUNE coin price to test highs of $10 in the future.
Conversely, if a bearish trend reversal occurs, the bulls will lose momentum and the THORChain price will drop towards this month’s important support at $4.750.
(Personal opinion, not a recommendation)
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