• RUNE Technical Analysis: The Bulls Are Excited to Begin the Rally

  • THORChain has a one-of-a-kind system that aids in the mitigation of “impermanent loss” — the sometimes temporary losses that liquidity providers may incur when contributing to liquidity pools. It is accomplished through the use of a slip-based fee that ensures liquidity remains where it is needed.

    THORChain also incorporates a number of novel technologies, including on-way state pegs, state machines, and the Bifrost Signer Module. This enables seamless cross-chain token swaps. All of this happens behind the scenes, so even inexperienced traders can use it. The platform is non-profit because it generates fees directly from users. There are no provisions for the team members. Instead, the team is simply incentivized by holding RUNE — just like everyone else.

    RUNE’s Previous Performance

    The RUNE coin price ranges from $8 to $11.5. The range may soon provide a decisive breakout, resulting in trading or investing opportunities. Long wick formations near $11.5, on the other hand, suggest a gradual increase in underlying bearishness.

    Technical Analysis of RUNE

    At the time of writing, the RUNE token price is $9.58, a 5.63 percent decrease in the previous 24 hours. The short-term retracement to $8 may generate enough bullish demand to push the price above the consolidation. However, there is always the possibility of a malfunction.

    The THORChain cryptocurrency price action analysis represents the recently formed inverted head and shoulder pattern. The pattern gave a bullish breakout on August 20th. As a result, the recent retracement represents a retest of this breakout.

    Investors may see this retest as an opportunity to enter with low risk and a tight stop-loss. Investors can expect a more than 50% increase if the retest is successful.

    According to the pivot points, the coin price may encounter resistance near $11.5 and $14. Furthermore, the support levels are $8 and $5.

    In the bullish formation, the exponential moving averages of 50, 100, and 200 days rise higher. Furthermore, the 200-day EMA is close to the $8 support level, which may contribute to increased bullish demand upon retest.

    The RSI indicator is currently at 50.85 percent, indicating that it is in neutral territory. While the price is in a sideways trend, the RSI slope decreases. As a result, there is a bearish divergence.

    Today and Tomorrow

    Technical analysis of THORChain (RUNE) suggests that the cryptocurrency may experience a short-term retracement back to the support level before finding bullish demand. Investors can enter after a successful retest to find the best opportunity with the least amount of risk.

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