Show

Resistance

THORChain

<p><strong>The cryptocurrency market has been witnessing some intriguing movements over the past few weeks. Notably, THORChain (RUNE) has been on a prolonged downtrend. </strong></p> 
<p>However, Linda Trading has shared an <a href="https://www.tradingview.com/chart/RUNEUSDT/QrOQGdKL-RUNEUSDT-Price-breaks-resistance-after-retesting-the-bottom/" target="_blank" rel="noopener noreferrer nofollow">analysis </a>and observed a global setup that might be capable of reversing this trend. After a significant test of the market bottom, there are indications that the price is beginning to tap into its bullish potential.</p> 
<p>In parallel, <strong>BTC</strong> is undergoing what can be described as a logical correction, which is expected to test a robust support area. Such movements are not uncommon in the volatile world of cryptocurrencies, and seasoned traders often look for these patterns to make informed decisions.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="515" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-1024x515.png" alt="" class="wp-image-309724" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-1024x515.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-300x151.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-766x385.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-1536x772.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-2048x1029.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-298x150.png 298w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-100x50.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-696x350.png 696w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-312-788x396.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<p>Another interesting observation is the rebound from the 0.777 mark, which many consider to be the market’s bottom. This rebound is forming a bullish reaction, especially with the backdrop of Bitcoin’s growth. There’s an evident active strengthening, and a breakout of the global trend resistance is in the making. Currently, the price seems to be trapped between a local resistance at 1.110 and a support level at 1.003. This positioning suggests that a local consolidation might be on the horizon, which could be followed by a retest of the flat’s upper boundary and the realization of the breakout. Such a move could infuse the market with new potential, leading to price growth.</p> 
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:"> 
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"> <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i> 
  <div class="rh-colortitle-inbox-label"> 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Unibot: Trading Intelligence that Makes You 7x More Successful! 
  </div> 
 </div> 
 <div class="rh-colortitlebox-text"> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px"> 
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Discover the edge in crypto trading with <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Unibot" href="https://captainaltcoin.com/go/unibot/" data-shortcode="true">Unibot</a> – a user-friendly Telegram bot that boasts a 35% profitability rate amongst users, seven times higher than the average trader (only 5% of traders are profitable)! <br><br>Experience top-notch features like decentralized copytrading, DEX-based limit orders, and protection against MEV bots. <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Unibot" href="https://captainaltcoin.com/go/unibot/" data-shortcode="true"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Click to connect with Unibot <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"></a>! </p> 
    <p></p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span> 
   </div> 
  </div> 
 </div> 
</div> 
<p>For traders who rely on moving averages, the MA-50 is currently acting as a support, while the MA-200 is posing as resistance. The vast height of the range provides ample room for medium-term strategies.</p> 
<p>In terms of support and resistance levels, the market is looking at:</p> 
<ul> 
 <li><strong>Support Levels</strong>: 1.003, 0.777, MA-50</li> 
 <li><strong>Resistance Levels</strong>: 1.110</li> 
</ul> 
<p>Given the current market dynamics, there’s an anticipation of a retest of the 1.110 resistance level. If this retest is successful, the market could witness a breakout, potentially leading to further growth. Some experts predict that this growth could reach levels of 1.433 or even 1.722.</p> 
<p>In conclusion, while the cryptocurrency market remains unpredictable, the current patterns and trends provide traders and investors with valuable insights. As always, it’s crucial to stay informed and make decisions based on thorough research and analysis.</p> 
<p><em>Join us on <a href="https://www.facebook.com/captainaltcoin" data-type="URL" data-id="https://www.facebook.com/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow"><strong>Facebook</strong> </a>and <strong><a rel="noopener noreferrer nofollow" href="https://twitter.com/CaptainAltcoin" target="_blank">Twitter</a></strong> for the latest insights and discussions in the world of crypto.</em></p> 
<p><em>Explore our <strong><a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/tag/news/" data-type="URL" data-id="https://captainaltcoin.com/tag/news/" target="_blank">new</a><a href="https://captainaltcoin.com/tag/news/" data-type="URL" data-id="https://captainaltcoin.com/tag/news/" target="_blank" rel="noopener noreferrer nofollow">s section</a></strong> and stay ahead of the curve with our expert <strong><a href="https://captainaltcoin.com/predictions/" data-type="URL" data-id="https://captainaltcoin.com/predictions/" target="_blank" rel="noopener noreferrer nofollow">price predictions</a>.</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/rune-on-a-run-thorchain-spikes-overnight-analysts-see-potential-for-this-level/">RUNE On A Run: THORChain Spikes Overnight, Analysts See Potential For This Level</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

RUNE On A Run: THORChain Spikes Overnight, Analysts See Potential For This Level

CaptainAltcoin

Other articles published on Aug 10, 2023

OKX to List Render ($RNDR)

Is Ripple’s XRP Preparing For A Heavy Selloff? Here’s What To Expect From XRP Price Next

Monero and OKB Sees A Dip As Holders Jump Towards The Highly Anticipated Pomerdoge Presale

XRP Listed by Gemini After Recent Ripple Victory in Court

GM Stock Price Detours From Uptrend; Fall Continues Since Earnings

Lucky Roo Casino

Join our free newsletter for daily crypto updates!