Concluding the short-term pullback, Thorchain is ready to gain momentum and reclaim the lost levels. As the RUNE price is ready to resurface above the dynamic average line, the altcoin is ready for a hypersonic move on the upside.
With high anticipations of an altcoin season in the coming months, Thorchain eyes a long lead to triple-digits in the next bull run. Will Thorchain reach $100? To answer such queries, read our RUNE price prediction now.
Will RUNE Price Take The Boats Beyond $7?
Source- TradingView
Taking support from the 200D EMA, the RUNE price is taking a rounding bottom reversal and displays a recovery rally in motion. Ending the lower high formation, the 44% pullback finally takes a bullish stand.
With a bullish turnaround, the buyers overtake the resistance trendline and challenge the overhead 50-day EMA. Further, the recovery delays the possibility of a death cross event.
Currently, the RUNE coin price trades at $4.71 with an intraday candle retesting the broken trendline with lower price rejection. This increases the possibility of a post-retest reversal. Considering the intraday candle manages to close above the 50-day EMA, the altcoin could enter a super sonic bull run shortly.
Technical indicators:
MACD Indicator: With a bullish reversal, the MACD and signal line gives a bullish crossover and approaches the zero line. Further, the rising intensity of the positive histograms increases the possibility of an uptrend.
EMA: The 50-day and 200-day EMA maintain the RUNE price within a dynamic range. Hence, the breakout of either will determine the next trend for the altcoin.
Will Thorchain Explode in February?
With the ongoing rounding bottom pattern in the daily chart, the buyers are preparing a breakout run. However, the RUNE price surpassing the 38.20% Fibonacci level at $5 will increase the likelihood of an uptrend to $7.
On the flip side, a breakdown below $4.3 can drop Thorchain to $3.64.
