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THORChain Price Prediction: RUNE Climbs 14% – Is the Market Witnessing a New Trend?

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THORCHain
THORCHain

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THORChain (RUNE) price has executed the Elliot Wave theory, completing the fifth and final wave of an upward trajectory in a movement that started in June. The Elliot Wave theory is generally associated with longer-term setups, with the symmetrical triangle in the fourth wave activating the technical formation. After breaching the 100% Fibonacci, RUNE continued north with a 14% climb, inspiring thoughts of whether the market is witnessing a new trend.

Amidst the rally, several network changes in the THORChain ecosystem have occurred. For starters, there have been talks of 35 upgrades, fixes, or features for version 1.121.0 (V1.121.0).

The network also recently integrated the BNB Smart Chain on THORSwap, with a decentralized exchange (DEX) aggregation to PancakeSwap.

Traders can transact with multiple tokens across the chain without bridging or wrapping. The latest update on the network indicates that it is now cheaper to swap Ethereum (ETH) to native Bitcoin (BTC) on-chain using MetaMask multichain snap than on Kraken Exchange.

THORChain Price Outlook From A Technical Standpoint

The price action for the THORChain token shows the rally could peak at $2.459 after a 32% climb beginning September 26. Based on the Elliot Wave pattern, this coincides with the 161% Fibonacci Retracement measure from wave four.

The Exponential Moving Averages (EMA) indicators support the outlook, trailing the THORChain price from below. They provide vital support downward at $1.643, $1.472, and $1.438 for the 50-, 100-, and 200-day Exponential Moving Averages, respectively.

The Relative Strength Index (RSI) also points up, suggesting that buying momentum is rising. Its position above the 70 level and still heading north is not concerning because, according to Welles Wilder, an asset I considered overbought or ripe for selling once the RSI crosses the 70 level to the downside.

The Moving Average Convergence Divergence (MACD) indicator also supports this outlook, heading north to show more buyers coming in. Its histogram bars flashing green and sustaining in the positive territory also add credence to the upside potential.

THORCHain price
TradingView: RUNE/USDT 1-day chart

On the downside, a rejection from the range high of $2.267 or early profit-taking could cut short the rally. This could send THORChain price below $2.037, coinciding with the 100% Fibonacci retracement. In the dire case, the downtrend could see RUNE test the 50% Fibonacci retracement at $1.695. Considering this level marks the last lower high, a break, and a close below, it could initiate a new downtrend.

Meanwhile, another player in the crypto scene is making waves with a remarkable value proposition. Experts already have their eyes on the project, anticipating 10X growth potential.

THORChain Alternative

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Also Read:

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