RUNE Technical Analysis: With Breakout Intentions, Price Approaches $11

RUNE token price approaches the $11 mark with increasing bullish pressure. The potential breakout of $11 can result in a new bull run.

THORChain utilizes a unique system in order to minimize the issue of ‘impermanent loses’ — which is the often temporary losses that liquidity providers might experience when contributing to liquidity banks. It does this by charging a slip-based fee in order to ensure liquidity stays where it’s needed.

THORChain combines a wide range of technologies, including state machines, on-way state pegs, and the Bifrost Signer Module to facilitate cross-chain token swaps seamlessly.

Past Performance of RUNE

On 19th September, RUNE coin price made a bearish engulfing candlestick due to the sudden increase in selling pressure. Thus, resulting in a downfall of more than 30% over the next couple of days. However, the support level of $6.6 managed to push the price back up. Thus, resulting in an almost 50% recovery of the fall.  

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RUNE Technical Analysis

RUNE crypto is currently at $8 as of writing this article. Moreover, it has seen a rise of +5.72% within 24 hours. Thus, indicating growth in underlying bullishness. Furthermore, the coin price finds demand near the horizontal level of the $6.6 mark. 

The sudden increase in buying pressure from the $6.6 support level may soon drive the price to the $11 mark. In the case of the $11 breakout, investors can observe a potential rise of 30% to 50%.

The RUNE coin may find support at the $6.6, then $3.4 mark, as per the support levels. Furthermore, in the event of a bullish reversal, the resistance near $11 and $14 can push the price below.

MACD and signal lines on the daily cross below the zero levels with increasing intensity of bearish histogram. Thus, resulting in a sell signal. Furthermore, the alignment of both lines remains bearish.

The slope of the RSI indicator is slightly below the daily charts’ central line. As a result, RSI support decreased to 44% after facing rejection from the central line. Furthermore, the slope is trailing lower, which may soon result in the entry to the oversold zone.

Day-Ahead & Tomorrow

RUNE token price rises after finding the sudden rise in buying pressure after the recent fall from the $6.6 mark. Investors may shortly see the price hit the $11 mark. The uptrend can potentially break above the $11 mark, which will result in a new bull run.

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