2024-10-29 21:30 |
Thorchain’s native token, RUNE, is among the top five gainers in the crypto market today, boasting a price increase of 5.50%. A surge in trading volume of 99.42% adds weight to this momentum, signaling robust buying interest.
Crypto analyst Scott Melker, also known as “The Wolf Of All Streets,” shared on X (formerly Twitter) that RUNE is poised for further gains if it can overcome a crucial resistance level. Scott Melker highlights a potential breakout that could see RUNE’s price rallying higher if it clears the $5.714 mark.
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THORChain (RUNE) Chart AnalysisThe RUNE price chart presents notable technical patterns that support a bullish outlook. The chart displays a consolidation period, with price movements occurring within a narrow range below the resistance level of $5.714.
Two moving averages—a green line representing shorter-term trends and a red line likely indicating longer-term trends—show price fluctuating between bullish and bearish momentum. Recently, RUNE’s price has remained above the green moving average, suggesting an uptrend.
Image Source: X/ScottMelkerMoreover, highlighted zones on the chart represent areas of heightened trading interest, particularly around support and resistance levels. In these zones, there are visible spikes in trading volume, indicating active participation at key price points where traders look to capitalize on possible continuations or reversals.
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Show more +Show less – Key Resistance Level Could Trigger BreakoutScott Melker points to $5.714 as a significant level that RUNE must surpass to potentially “fly,” as stated in his recent tweet. This level acts as a resistance point, where a breakout could lead to a strong upward push for RUNE.
Furthermore, the chart analysis suggests that RUNE’s price has been squeezing up, hinting at the possibility of an impending breakout. This squeezing pattern occurs when volatility decreases, causing price action to contract and accumulate energy for a substantial movement.
The “big grey trigger arrow,” referenced in Melker’s tweet, may signify a technical indicator suggesting a likely bullish breakout. If RUNE successfully breaks above this resistance, analysts predict that it could catalyze further gains, driven by increased buyer activity.
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Squeeze Pattern and Volume Surge Strengthen Bullish OutlookThe chart reveals a “squeeze” pattern, where RUNE’s price has been consolidating in a range just under the resistance. This pattern often precedes a breakout, where compressed price movements lead to heightened volatility once the range is breached.
The recent spike in RUNE’s trading volume, with a near 100% increase, supports the notion of growing buying interest, potentially leading to an upside breakout if it crosses the resistance threshold.
Volume increases, particularly during consolidation near resistance, generally indicate strong buyer interest. With RUNE’s current upward trajectory and volume surge, the token is gathering momentum that could propel it higher should it achieve a clean break above the resistance level.
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The post Why Is THORChain (RUNE) Price Up? Here’s the Bullish Outlook! appeared first on CaptainAltcoin.
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