The RUNE price action projects a new battle ongoing between the two sideways-moving 50-day and 200-day EMA. With a growing consolidation range, the recent jump completes a positive cycle teasing a breakout rally.
However, the strong bearish presence at the overhead ceiling will prove to be a daunting task for buyers to complete. Despite some bearish obstacles, the RUNE price prediction presents a bullish outlook.
The RUNE price currently trades at $1.66, completing a successful bullish reversal from the 200-day EMA. Further, this prolongs the overall sideways trend within the two crucial EMAs: 50-day and 200-day.
As the Thorchain market value bounced 7.55% last night, the uptrend continues today with an intraday growth of 1.83%. As of now, the uptrend challenges the overhead ceiling of $1.67, coinciding with the Fibonacci level of 38.20% Fibonacci level.
Supporting the bullish continuation thesis, the overall market recovery with improving sentiments of altcoins increases breakout chances. Moreover, the bullish engulfing candle with additional intraday growth teases a prolonged uptrend.
Technical indicators:
RSI indicator: The daily RSI line spikes along with the price jump rejection of any potential divergences. This increases the uptrend credibility and highlights strong underlying bullish sentiments.
EMA: The 50-day EMA moves along the 38.2% Fibonacci level at $1.67 to concrete the overhead ceiling. However, the high-speed reversal from the dynamic support of the 200-day EMA teases an upside breakout.
Will RUNE Price Cross Above The 50-day EMA?
As greed influences the overall market sentiments, the chances of altcoins continuing the uptrend this Uptober increases significantly. Therefore, the sideline Thorchain buyers can find a new entry opportunity shortly with the 50-day EMA.
On the upside, the breakout rally can reach the $2.15 mark before taking any serious bearish hits. However, a reversal from $1.67 will result in another retest of the 200-day EMA.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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