#THORChain Price Prediction: #rune bulls prepare to reclaim $5.50
ThorChain (RUNE) price is poised to continue its upward momentum following a robust V-shaped recovery.
RUNE could potentially surge by 15% to reach $5.50, a level not seen since January 4, supported by both technical and on-chain factors.
The ongoing resurgence in Bitcoin and altcoins could fuel ThorChain's ascent, aiding in the recovery of some of the ground lost in 2024.
However, the bullish outlook would be negated if the price breaks and closes below the 50% Fibonacci level of $4.34.
ThorChain (RUNE) has been exhibiting a bullish bias, completing a notable V-shaped recovery after a sharp decline in the first few days of February. This resurgence is occurring amidst a broader revival in altcoins, spurred by Bitcoin's rally above the key psychological level of $45,000.
RUNE's potential for a 15% climb is supported by various technical indicators and on-chain metrics. The Relative Strength Index (RSI) is trending upwards, indicating increasing momentum. With its position above 50, there is considerable strength in the price, while staying below 70 suggests room for further upward movement before reaching overbought conditions.
The MACD indicator suggests a potential bullish trend, with histogram bars displaying strong buying momentum. ThorChain may surpass resistance at the 50-day SMA ($4.77) and 100-day SMA ($5.08), aiming for a 15% surge towards $5.50. A more optimistic scenario could see the price target the psychological level of $6.00.
On-chain metrics favor ThorChain's bullish trend. Growing whale holdings of stablecoins and rising Tether market cap indicate increased interest in buying RUNE. Social media activity supports bullish sentiment.
However, profit-taking could pause the rally, causing a retracement to $4.38. A break below may invalidate the bullish trend, pushing the price towards $3.35.
Source - fxstreet.com
