With a lower forming trend, RUNE price challenges the dynamic resistance of the 50D EMA. Additionally, Thorchain's growing momentum as it holds above the 200D EMA signals an intense bull run ahead for the altcoin.
As the uptrend gains momentum, the breakout in Thorchain plans to breach the upper Fibonacci level for a strong move higher. So, will Thorchain reach $100 in 2024 in the next altcoin season? To answer these questions, read our RUNE price predictions now.
Will Thorchain exceed $5?
Source- Trading View
Benefiting from the support of the 200D EMA, RUNE price surpasses the pullback phase and challenges the 50D EMA. Additionally, the formation of a lower high leads to a moving support trendline, which confirms an ascending triangle with the neckline at $5.
The bullish reversal at the 200D EMA features an inverted head and shoulders pattern with a coinciding neckline at $5. Additionally, the neckline shares space with the 38.20% Fibonacci level, reflecting a strong confluence of resistance.
Currently, RUNE coin price is trading at $4.64 with an intraday growth of 1.53% forming a bullish candle to support the reversal momentum. As a result, this increases the possibility of a breakout trend.
Technical indicators:
RSI indicator: The daily RSI line shows a moving uptrend when it crosses the middle line.
Will RUNE Price Explode to $10?
As the uptrend projects several bullish patterns rising against the strong confluence of resistance at the $5 mark, RUNE sits at a pivotal point. If RUNE price maintains its momentum to surpass the $5 zone, the uptrend can lead to a strong rise to the $7 mark. With some optimism, the uptrend could reach the $10 mark.
On the other hand, a split below $4.3 may cause Thorchain to drop to $3.64.