THORChain Price Signals Bullish Trends as RUNE Eyes New Highs
In recent trading sessions, the #THORChain price has exhibited noteworthy movements on the 4-hour chart.
The closing prices for $RUNE have shown a rising trend with figures moving from $5.459 up to a peak of $5.856, before a slight dip to $5.816. This upward trajectory aligns with the incremental increases in both the 9 Exponential Moving Average (EMA) and the 20 EMA. As of the last recorded session, the 9 EMA stood at $5.5735, and the 20 EMA at $5.4441, indicating a bullish crossover scenario where the shorter-term moving average resides above the longer-term average, suggesting a possible continuation of the upward trend.
The market has tested significant resistance at $5.831 and $5.864. If the upward momentum persists, a break above these levels could confirm a strong bullish trend with potential targets moving higher. Conversely, the support levels to watch are at $5.545 and $5.52. A breach below these could indicate a reversal or a pullback, providing key entry points for those looking to capitalize on short trades.
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both underline the bullish sentiment. The MACD line has progressively risen above the signal line, culminating in a histogram value of 0.0432 in the most recent period, which underscores strengthening bullish momentum.
Moreover, the RSI has climbed from 59.36 to an overbought threshold at 72.13 before settling at 69.64, indicating that the buying pressure has been strong, although investors should be wary of potential overbought conditions which might result in a price correction.
The full analysis and trade strategy were originally posted on ecoinimist.com.