The Thorchain (RUNE) token has been in a prolonged downtrend since early December, leading to its consolidation just above the $1.00 mark. However, today, the token has experienced a price increase of 7.48%, trading slightly above $1.00. Let’s further analyze the market below.
RUNE Statistics:
Thorchain Current Price: $1.276
Market Capitalization: $462.02M
Circulating Supply: 352M
Total Supply: 426M
CoinMarketCap Rank: 132
Key Price Levels:
Resistance: $1.300, $1.400, $1.500
Support: $1.250, $1.200, $1.150
RUNE Consolidates Above the $1.00 Mark
Recently, price candles in the Thorchain market have been hovering just below the 20-day Moving Average (MA) line. In the ongoing session, the price appears to be testing the 20-day MA line while forming a green candle.
Meanwhile, the Stochastic RSI lines are rising rapidly into the overbought region. The movement of this indicator appears more significant than the price action itself, suggesting that price movement may remain restricted below a nearby resistance level.
Thorchain’s Short-Term Outlook
In the 4-hour chart, price action has surpassed the 20-day and 50-day MA lines. The latest price candle appears green as it breaks through the 50-day MA line.
Additionally, the Stochastic RSI has formed a bullish crossover above the 60 level, signaling potential upward momentum. As a result, price action may reach the nearby resistance at $1.500 before attempting to challenge the higher resistance level at $2.00.
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