{"id":444847,"date":"2023-10-03T12:00:10","date_gmt":"2023-10-03T12:00:10","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=444847"},"modified":"2023-10-03T12:00:10","modified_gmt":"2023-10-03T12:00:10","slug":"thorchain-rune-price-outlook-is-rune-set-for-an-uptober-breakout","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/thorchain-rune-price-outlook-is-rune-set-for-an-uptober-breakout","title":{"rendered":"THORchain (RUNE) Price Outlook: Is RUNE Set for an Uptober Breakout?"},"content":{"rendered":"

THORchain (RUNE) broke out in a splendid show of bullish muscle in August and September from support at $0.7824 to highs of $2. However, instances of profit-booking slowed down the progress due to a significant trend correction to $1.37. Renewed interest in cryptos from last week supplied RUNE with the necessary momentum<\/a> to reclaim support at $2 and achieve a new 2023 high at $2.26.<\/p>\n

Is THORchain Price Ready To Retake $5 Level?<\/h2>\n

The massive breakout over the last two months followed the formation of a falling wedge pattern. As a reversal signal, this pattern forms toward the end of a downtrend, suggesting that bears are close to exhausting the downtrend while bulls prepare to take control.<\/p>\n

Movement above all three key moving averages, including the 50-day Exponential Moving Average (EMA) (red), 100-day EMA (blue), and $200-day (purple), steadied the uptrend, allowing bulls to stay in control.<\/p>\n

Although not currently overbought according to the position of the Relative Strength Index (RSI), THORchain may need a catalyst<\/a> to keep the uptrend intact. Holding the $2 support intact might encourage investors not to sell for short-term profiteering but focus on the potential gains targeting $5 and $10, respectively.<\/p>\n

\"THORchain<\/a>
RUNE\/USD daily chart| Tradingview<\/figcaption><\/figure>\n

Traders interested in holding long positions in RUNE and possibly desire to seek more exposure to the token may do so assured that the golden cross pattern on the four-hour is a bullish gesture.<\/p>\n

A golden cross comes into the picture when a short-term moving average (100-day EMA) crosses above a long-term moving average (200-day EMA).<\/p>\n

How THORchain price reacts to support\/resistance at $2 will likely determine the direction it takes in the short term. As a springboard, this support would allow bulls to build momentum as more traders buy into RUNE, thus creating a suitable environment for a breakout.<\/p>\n

Such a breakout, although targeting key levels at $5 and $10, will encounter other seller congestion zones at $2.4, $3, and $4, respectively.<\/p>\n

On the other side of the fence, the Moving Average Convergence Divergence (MACD) introduces a new bearish outlook on the four-hour chart. A sell signal manifested when the blue MACD line flipped below the red signal line, revealing that declines should be expected before the THORchain price rebounds<\/a> above $2.2.<\/p>\n

This impending correction could gain momentum if the MACD continues to drop toward the neutral zone (0.00) and later into the negative region.<\/p>\n

\"THORchain<\/a>
RUNE\/USD four-hour chart | Tradingview<\/figcaption><\/figure>\n

However, all is not lost as long as RUNE holds above $2. Similarly, the upper, accelerated trendline is in line to absorb the potential selling pressure to prevent dips to all three moving averages: The 50 EMA, the 100 EMA, and the 200 EMA.<\/p>\n

Claims Of Illicit On-chain Activity Cloud THORchain Price Rally<\/h2>\n

An analysis by X (formerly Twitter) analyst Tayvano claims that THORchain’s decentralized exchange (DEX) is a den for attackers and hackers. In the expose´, Tayvano argues that over 50% of all transfers involving Bitcoin (BTC) and Ethereum (ETH) on the ecosystem’s DEX, ThorSwap Router, were facilitated by stolen funds.<\/p>\n

“Welp, the hackers and money launderers—both the Russian\/CIS region ones and North Korean ones—are loooooving @ThorChain<\/a> lately.”<\/p>\n

\n

Here's the hacks \/ stolen funds I identified so you can check my work:<\/p>\n

1. FTX Accounts Drainer (Not DPRK)
Total: 19,944 ETH (~$32m)<\/p>\n

7,499 ETH in 4 Txn – 0x6e0e8dac46c3ebffd67887097dfda10d11dcbab6<\/p>\n

4,749 ETH in 3 Txn – 0x68cc13a43da1e1ba7de3002df8a07665ea8b5f5f<\/p>\n

3,999 ETH in 3…<\/p>\n

— Tay 💖 (@tayvano_) October 1, 2023<\/a><\/p><\/blockquote>\n