THORChain (RUNE) is ready for a breakout: Forecast to reach $2 in the near future
Date: 2023-09-27 Author: Dima Zakharov Categories: BUSINESS
The cryptocurrency market is always full of intrigue and unexpected twists. Among the multitude of assets, THORChain (RUNE) has been gaining attention for its potential. In this article, we will explore how ready RUNE is for a breakthrough and reaching the $2 mark.
Path to yearly highs
Since the beginning of August, the price of THORChain (RUNE) has been trading in a narrow range between $1.45 and $1.05. However, on September 25th, this asset found temporary support at $1.65, and since then, it has been moving upward towards the yearly high range.
Technical analysis: Bullish trend support
The daily Relative Strength Index (RSI) plays a crucial role in technical analysis. In this case, it is signaling a bullish trend by staying above the 50 mark and moving upward. This indicates the strength of the bulls in the RUNE market.
RUNE Forecast: How far can the bullish trend go?
Fibonacci levels are essential in cryptocurrency trading, often defining price stopping points and reversals. In this case, wave analysis suggests that the price of RUNE is in the fifth and final wave of an upward movement that began in June.
Interestingly, in the fourth wave, there is a "symmetrical triangle" pattern, which is a common structure in technical analysis. According to this analysis, RUNE could reach the level of $2.40, which is 35% higher than the current price. This represents the 1.61 Fibonacci level of the external correction of the fourth wave.
Caution on the downside
Despite all the optimistic forecasts, there are always risks. If the price of RUNE falls below the minimum reached on September 25th ($1.65), it could invalidate the bullish scenario. In this case, we might expect a correction to the $1.45 level, which is an 18% decline.
THORChain (RUNE) is approaching a crucial point in its movement. Strong signals of a bullish trend and the potential to reach $2.40 make this cryptocurrency intriguing. However, always remember the risks and keep an eye on market dynamics to make informed decisions about your investments.
