RUNE prices cross $5 - Can the bulls hold on?

Title: Analyzing the Bullish Momentum of THORChain [RUNE]

As a journalist, I am always on the lookout for market trends and shifts in sentiment. Recently, I observed a short-term shift in sentiment for THORChain [RUNE] following a rejection at $5.38. Despite this, the higher timeframe market structure and the recent breakout past $2 indicate that swing traders could retain their bullish bias.

Decisive Break Above $2

THORChain [RUNE] experienced a surge in trading volume, particularly with bitcoin [BTC], on its market. This decentralized liquidity protocol allows users to swap one asset for another without the need for order books to secure liquidity. As a result, BTC maxis are calling for RUNE to be the sole intermediary for trading BTC, which further enhances the bullish sentiment behind RUNE.

The break above $2 was significant for the bulls, with the capital flow into the altcoin market leading to a surge in RUNE’s price. It established an uptrend after surpassing the $1.94 resistance level, gaining an additional 180% since the breakout. The On-Balance Volume indicator also reflected enormous bullish dominance, with the buying volume propelling RUNE to $5.38 before a slight pullback to $4.82.

Short-term Sentiment Shift

While the short-term sentiment appeared to shift against RUNE after facing rejection at $5.38, the spot CVD trended higher, indicating that demand was still present in the spot market. The funding rate was also highly positive, suggesting that a majority of the market was on the bullish side of the fence.

In conclusion, despite the short-term shift in sentiment, the bullish momentum behind THORChain [RUNE] remains strong, especially after the decisive break above $2. Traders should keep an eye on key support levels and set risk management strategies accordingly to capitalize on potential buying opportunities.

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So, is your portfolio green? Check out the THORChain Profit Calculator to see how RUNE’s bullish momentum could impact your profits.

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By Team