Despite increased bearish influence in the cryptocurrency industry, the RUNE price has displayed a jump of over 8% within the past day and 23.16% over the past seven days, indicating a rising bullish sentiment for the altcoin in the crypto space.
The RUNE price displayed a neutral trend by trading in a consolidated range between $3.50 and $6.130 for the first two months. As the volatility in the crypto industry increased, the bulls regained momentum and recorded a jump of 108.96% within the next seven days.
After facing rejection above its resistance level of $9.950, the bulls lost momentum, resulting in the THORChain price recording a correction of 30.97% in its portfolio. Following this, the RUNE token traded sideways for a while. As the volatility grew, the bulls failed to hold above its support level of $7.335.
This resulted in the altcoin losing 35.37% in valuation. Since then, the price has been trading between $4.740 and $6.130 and is on the verge of testing its resistance level, the outcome of which is unpredictable. Moreover, the EMA 50-day acts as a resistance, indicating a bearish sentiment in the industry.
The Relative Strength Index (RSI) shows a significant rise in the chart, highlighting an increase in the buying-over-selling pressure in the crypto space. Furthermore, the average displays a bullish curve, suggesting the price will continue gaining value in the coming time.
Will RUNE Price Go Up?
If the market pushes the RUNE price above the resistance level of $6.130, the bulls will continue trading under a positive influence and prepare to test its upper resistance level of $7.335. Maintaining the price at that level will set the stage for THORChain price to prepare to test its upper high of $8.725.
Negatively, if the bearish trend reversal occurs, the RUNE token will lose momentum and plunge toward its crucial support level of $4.740 in the coming time.
