- As exercise round THORChain elevated within the final week, RUNE’s worth went up by virtually 30%.
- Regardless of the value uptick, merchants on the futures market have continued to open brief positions.
THORChain’s native token RUNE ended final week’s buying and selling session because the cryptocurrency asset with essentially the most positive factors. On the similar time, main cash similar to Bitcoin [BTC] and Ethereum [ETH] suffered bewildering worth drops.
Up by virtually 30% within the final seven days, RUNE’s latest worth rally may very well be partly attributable to its low optimistic correlation with BTC, whose worth declined by 11% throughout the similar interval.
Examine RUNE’s worth prediction for 2023/2024
As earlier reported, RUNE’s worth surge has been as a result of introduction of Streaming Swaps and the protocol’s growth to a number of main networks, similar to Cosmos [ATOM] and Avalanche [AVAX].
Ought to RUNE holders count on it to proceed on this upward trajectory this week?
RUNE welcomes the brand new week, promising extra positive factors
At press time, RUNE traded at $1.69. An evaluation of worth actions on a D1 chart revealed the presence of considerably bullish sentiments amongst day by day merchants.
The present RUNE market has been in a bull part since 8 August. Observing the asset’s Transferring Common Convergence/Divergence indicator (MACD) confirmed the upward intersection of the MACD and pattern strains on that day, ushering within the bulls.
When the MACD line crosses the pattern line upward, it implies that the short-term transferring common is above the long-term transferring common, which is a bullish sign. Because the intersection occurred, RUNE’s worth has climbed by 88%, knowledge from CoinMarketCap revealed.
Supply: CoinMarketCap
Lending credence to the 8 August bull re-entry, the optimistic directional index (inexperienced) at 36.75 has since been positioned above the unfavorable directional index (pink) at 5.09. When an asset’s Directional Motion Index indicator is ready up on this method, it’s a robust bullish sign, and it implies that the upward worth actions are stronger than the downward worth actions.
Additional, RUNE’s Aroon Up Line (orange) at 85.71% at press time confirmed the energy of the value uptrend.
The Aroon indicator is used to determine pattern energy and potential pattern reversal factors in a crypto asset’s worth motion. When the Aroon Up line is near 100, it signifies that the uptrend is powerful and that the newest excessive was reached comparatively lately.
Supply: RUNE/USDT on TradingView
Heed the warning indicators, expensive RUNE holder
Whereas RUNE appeared poised to proceed on its uptrend, some indicators hinted at a downward worth correction. Firstly, the extensive hole between the higher and decrease bands of the token’s Bollinger Bands indicator signaled regarding volatility.
Is your portfolio inexperienced? Take a look at the RUNE Revenue Calculator
Whereas the hole was due to elevated buying and selling exercise round RUNE, it urged that the altcoin remained liable to experiencing massive swings in both course.
Additionally, key momentum indicators rested at overbought highs at press time. The Relative Power Index (RSI) and Cash Stream Index (MFI) had been noticed at 77.79 and 83.41, respectively. At these values, consumers sometimes discover it troublesome to maintain any additional worth rally and would possibly event a decline in RUNE’s worth.
Supply: RUNE/USDT on TradingView
On the futures market, merchants on main change Binance continued to open positions in opposition to the token’s worth at press time. Solely brief positions have been occupied since 15 August.
Supply: Santiment
The state of affairs was no totally different within the common market, with brief positions exceeding lengthy positions. Ought to sentiment stay bitter, downward strain is likely to be placed on RUNE’s worth within the coming days.
Supply: Coinglass
