After displaying a neutral trend for a brief period, the THORChain (RUNE) price has recorded a significant uptrend in its valuation over the past week, indicating a rising interest of investors in this altcoin.
The RUNE token has added 41% within the past 24 hours, making it one of the top gainers of the day. Further, it has added 30.91% within the past seven days and approximately 62% over the past 30 days.
RUNE Price Jumps Over 40% Today!
The RUNE price traded in a closed range between $5.360 and $5.920 for a brief period, following which the market lost momentum, resulting in a price breakdown. After this, the THORChain token displayed a neutral trend for a while.
As the market volatility grew, the bulls regained momentum and recorded a jump of 28.36% over the next five days. Following this, the price faced rejection below its resistance level of $6.455, after which the price traded sideways for the next few days.
Following multiple failed attempts to break out of the resistance level, the bulls lost momentum and started trading under a bearish influence. The RUNE token recorded a loss of over 21% over the next six days. After testing its low of $4.897, the bulls regained momentum and added approximately 60% in valuation.
The Moving Average Convergence Divergence (MACD) displays a significant rise in the green histogram, indicating increased buying pressure in the crypto industry. Further, the averages show a rising pattern, suggesting a positive price action for the RUNE token in the coming time.
Will THORChain Price Increase?
If the market holds the price above the support level of $7.50, the bulls will continue to gain momentum and prepare to test its resistance level of $8.10. Maintaining the price at that level will set the stage for THORChain price to attempt to test its upper high of $8.750.
Conversely, if the industry experiences a trend reversal, the bulls will lose momentum and fall to test its support level of $6.963. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $6.455.
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