The RUNE price action projects a new battle ongoing between the two sideways-moving 50-day and 200-day EMA. With a growing consolidation range, the recent jump completes a positive cycle teasing a breakout rally.
However, the strong bearish presence at the overhead ceiling will prove to be a daunting task for buyers to complete. Despite some bearish obstacles, the RUNE price prediction presents a bullish outlook.
The RUNE price currently trades at $1.66, completing a successful bullish reversal from the 200-day EMA. Further, this prolongs the overall sideways trend within the two crucial EMAs: 50-day and 200-day.
As the Thorchain market value bounced 7.55% last night, the uptrend continues today with an intraday growth of 1.83%. As of now, the uptrend challenges the overhead ceiling of $1.67, coinciding with the Fibonacci level of 38.20% Fibonacci level.
Supporting the bullish continuation thesis, the overall market recovery with improving sentiments of altcoins increases breakout chances. Moreover, the bullish engulfing candle with additional intraday growth teases a prolonged uptrend.
Technical indicators:
RSI indicator: The daily RSI line spikes along with the price jump rejection of any potential divergences. This increases the uptrend credibility and highlights strong underlying bullish sentiments.
EMA: The 50-day EMA moves along the 38.2% Fibonacci level at $1.67 to concrete the overhead ceiling. However, the high-speed reversal from the dynamic support of the 200-day EMA teases an upside breakout.
Will RUNE Price Cross Above The 50-day EMA?
As greed influences the overall market sentiments, the chances of altcoins continuing the uptrend this Uptober increases significantly. Therefore, the sideline Thorchain buyers can find a new entry opportunity shortly with the 50-day EMA.
On the upside, the breakout rally can reach the $2.15 mark before taking any serious bearish hits. However, a reversal from $1.67 will result in another retest of the 200-day EMA.
