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NewsBTC 2022-08-05 05:04:38

THORChain (RUNE) Ready For 20% Climb Before Next Correction

Cross-chain exchange THORChain (RUNE) price registers a gain of 8.12% seen in the past two days. Amazingly, RUNE price maintains its bullish streak as it sprints above the rising parallel channel pattern. More so, a reversal seen at the support trendline may also ignite a bull run as it hammers through the resistance trendline. On the other hand, referring to the technical analysis, this particular pattern may trigger a price correction following a breach from the bottom trendline. EMAs are seen at $2.5 showing strong resistance on the downside. Thorchain’s 24-hour trading volume registered a loss of 44.6% or $291.6 million. Related Reading: Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon THORChain To Breach Resistance Trendline The RUNE/USDT pair is seen to recover on June 18 when it was able to rebound from its low of $1.45. RUNE price has set an ATH of $3.04 or a growth of 108% in the past six weeks ever since it bottomed out. More so, the massive sell-off which happened over the weekend also prompted a minor correct in the pattern. The confluence support served as a buffer which pumped up RUNE price by 5.66%. According to CoinMarketCap, RUNE currently trades at $2.69 or a decline of 1.70% as of this writing. However, with the channel pattern, the coin should spike by 22% to punch through the overhead line. In the most favorable conditions, RUNE price may be able to break through the resistance line and ...

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