THORChain Price Analysis: Will RUNE Surge to hit $1.63


  • RUNE/USD trades near $1.58.
  • RUNE’s intraday volume stands at $31,270,506.00.
  • RUNE has its next resistance at $1.63.
  • THORChain shows bearish momentum over the weekend.

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $942,115,587,651. The total trading volume stands at $54,833,502,933. Bitcoin shares 39.77 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,547.55 level after an upward movement of 1.86%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.3 percent reaching to $1,326.36 during the previous 24 hours.
While publishing this blog, BNB traded at $288.62, following a price change of 2% within the same time frame. XRP the native coin of XRP is down by -0.52 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.58% 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 $1.63 Support Level 1 $1.52
Resistance Level 2 $1.69 Support Level 2 $1.47
Resistance Level 3 $1.74 Support Level 3 $1.41

THORChain Performance

The price of THORChain (RUNE) is at $1.58, up 3.97% in the past 24-hours and has a price change of -0.33% over the week. One day trading volume for BTC is 31,270,506.00 USD while total marketcap reached $523,626,667.00 USD. There are almost 330,688,061 are in circulation out of 334937975.

THORChain Price Analysis

RUNE price analysis for 03 October 2022 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) 1.58 Buy
Exponential Moving Average (10) 1.58 Buy
Simple Moving Average (20) 1.64 Sell
Exponential Moving Average (20) 1.63 Sell
Simple Moving Average (50) 1.93 Sell
Exponential Moving Average (50) 1.91 Sell

While RUNE’s Williams %R indicator is at -60.884 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying near oversold phase while trading at 38 and is trying to break out of the bearish zone. As per the price analysis, the RUNE price may find support at these crucial levels of $1.52, $1.47, moving below these levels might bring the price to $1.41. on the other side, the resistance levels are at $1.63 and $1.69. A bullish breakout from the above levels may lead the price to the $1.74. The MACD line is standing above of the signal line after a positive crossover. THORChain investors need to wait for any directional change over the daily chart.

Conclusions

From the technical analysis, the overall trend of the THORChain is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if RUNE manages to stay above $1.52, it can provide an excellent long opportunity for RUNE communnity.