• RUNE Technical Analysis: Price Approaches $11 With Breakout Intentions

  • With increasing bullish pressure, the RUNE token price approaches the $11 mark. A potential $11 breakout could spark a new bull run.

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    To facilitate seamless cross-chain token swaps, THORChain combines a wide range of technologies, including state machines, on-way state pegs, and the Bifrost Signer Module.

    RUNE’s Previous Performance

    Due to a sudden increase in selling pressure, the RUNE coin price formed a bearish engulfing candlestick on September 19th. As a result, the market will drop by more than 30% over the next few days. However, the price was pushed back up by the $6.6 support level. As a result, the fall recovered nearly 50% of its original height.

    Technical Analysis of RUNE

    RUNE cryptocurrency is currently trading at $8 at the time of writing. Furthermore, it has increased by +5.72 percent in the last 24 hours. As a result, underlying bullishness is increasing. Furthermore, the coin price is in demand near the $6.6 horizontal level.

    The sudden increase in buying pressure from the $6.6 support level could quickly drive the price to the $11 mark. In the case of a $11 breakout, investors can expect a 30 percent to 50 percent increase.

    According to the support levels, the RUNE coin may find support at $6.6, then $3.4. Furthermore, in the event of a bullish reversal, the price may be pushed lower by resistance near $11 and $14.

    On a daily basis, the MACD and signal lines cross below zero, indicating that the bearish histogram is becoming more intense. As a result, a sell signal is generated. Furthermore, both lines remain bearishly aligned.

    The RSI indicator’s slope is slightly lower than the central line of the daily charts. As a result of the rejection from the central line, RSI support dropped to 44%. Furthermore, the slope is descending, which may soon lead to the entry into the oversold zone.

    Today and Tomorrow

    The price of the RUNE token has risen as a result of a sudden increase in buying pressure following the recent drop from the $6.6 mark. Investors should expect the price to reach $11 in the near future. The uptrend has the potential to break above the $11 level, resulting in a new bull run.

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