THORChain Price Analysis: Will RUNE Surge to hit $1.56


  • RUNE faces medium-term resistance at $1.62.
  • RUNE rose 5.93% in seven days.
  • 24-hour trading volume for THORChain is hovering at $596,021,384.00.
  • RUNE/USD medium term support stood at $1.36.

29 March 2024 : In this article we will walk you through THORChain price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for THORChain, Is RUNE a good investment? THORChain support & resistance levels etc. But before diving deep into the RUNE technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,650,241,197,252. The total trading volume stands at $94,621,701,715. Bitcoin shares 52.14 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $70,252.99 level after a decline of -0.14%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -0.17 percent reaching to $3,567.82 during the previous 24 hours.
While publishing this blog, BNB traded at $610.36, following a price change of 3.72% within the same time frame. SOL the native coin of Solana is down by -0.35 and currently trading at $186.21. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

THORChain Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of THORChain (RUNE)

RUNE Resistance Levels RUNE Support Levels
Resistance Level 1 $1.56 Support Level 1 $1.43
Resistance Level 2 $1.62 Support Level 2 $1.36
Resistance Level 3 $1.69 Support Level 3 $1.30

THORChain Performance

According to Price Analysis Market Index, THORChain (RUNE) is trading at $9.21 with a trading volume of $596,021,384.00. However,RUNE has a price decline of -0.23% in the last 24 hours.RUNE price changes 5.93% over the week with a total market capitalization of $3,093,578,379.00 USD.

THORChain Price Analysis

RUNE price analysis for 29 March 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the THORChain.

Moving Averages Price Indicator
Simple Moving Average (10) 1.51 Buy
Exponential Moving Average (10) 1.52 Buy
Simple Moving Average (20) 1.55 Buy
Exponential Moving Average (20) 1.55 Buy
Simple Moving Average (50) 1.69 Buy
Exponential Moving Average (50) 1.68 Buy

The RUNE/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. The Relative strength index (RSI) for RUNE Coin is currently hovering at 39 for 14-days average line, which means RUNE is just recovering from a oversold condition. While RUNE’s Williams %R indicator is at -51.373 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

THORChain has few recovery chances and might continue testing immediate resistance level of $1.56 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep RUNE investors hopeful.