Thorchain (RUNE) Bulls Are on a Rampage

As Bitcoin continues its rise back to prominence, it appears that other altcoins—such as the Thorchain token—are following suit. RUNE has seen a price increase of 12.44% at the time of writing. Although there are signs that the price action may be approaching resistance levels, it still appears capable of progressing further.

RUNE Statistics

Current Price: $1.69

Market Capitalization: $587.28M

Circulating Supply: 351.54M

Total Supply: 425.61M

CoinMarketCap Rank: 113

Key Price Levels

Resistance: $2.00, $2.50, $3.00

Support: $1.50, $1.00, $0.50

Thorchain Buyers Display Massive Strength

The Thorchain daily price chart has continued its upward push over the past two sessions. Judging by the size of the corresponding price candles, it’s clear that bullish momentum has been strong. Notably, the current session appears to be the most profitable so far, as indicated by the large bullish candle on the daily chart.

This candle has pushed the price above the upper band of the Bollinger Bands indicator. Additionally, the Moving Average Convergence Divergence (MACD) lines have just completed a bullish crossover above the equilibrium level. The upward trajectory of the MACD lines further suggests that bullish forces remain powerful and unrelenting.

RUNE Proceeds Strongly Northward

On the Thorchain 4-hour chart, price activity continues to trend upward steadily. This is occurring despite the price consistently pushing against the upper limit of the Bollinger Bands for an extended period. Still, price action continues to cling to the upper band, reflecting sustained buying pressure.

Similarly, the MACD lines are trending upward, supported by active trading. Moreover, the MACD histogram bars have regained a solid green appearance and are progressively increasing in height. As a result, market participants may now be setting their sights on the $1.900 resistance level.

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