THORChain

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/10/CJiS3P6E-e1698748620711.png" class="attachment-full size-full wp-post-image" alt="Thorchain Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
THORChain Price Prediction: Last week, the cryptocurrency market witnessed heightened volatility, with major coins stalling due to overhead supply pressures. Bucking this trend, the RUNE price <a href="https://coingape.com/markets/thorchain-price-prediction-as-9-days-winning-breaks-resistance/">showcased a significant recovery</a>, underpinned by escalating trading volumes. Amid this rally the buyers broke free from a year-long period of sideways action, suggesting early indications of a trend reversal. 
Also Read: <a href="https://coingape.com/kaiko-names-4-factors-behind-bitcoin-price-rally/">Why Is Bitcoin Price Rising Suddenly, Will It Continue to Rise?</a> 
<h2 id="b-why-is-rune-price-rising-b">Why is RUNE Price Rising?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">As per the Coinglass data, the THORChain coin has been witnessing heavy short liquidation since last week, which is also a key reason for the current recovery.</li> 
 <li style="font-weight: 400;" aria-level="1">A decisive breakout from the expanding channel pattern set the prices for a prolonged rally.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in RUNE is $218 Million, indicating a 117% gain.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/c/CJiS3P6E.png" alt="THORChain Price Prediction" width="1946" height="1104">Source- Tradingview 
Over the past two weeks, the <a href="https://coingape.com/price/thorchain/">THORChain coin price</a> has ascended steadily, leaping from a psychological support level of $1.5 to its current trading price of $2.9. This substantial 94.8% rally is bolstered by growing trading volume, highlighting strong buyer conviction to push the coin to higher heights.&nbsp; 
<blockquote>
 On October 26th, the rising price gave a decisive breakout from the resistance trendline of an expanding channel pattern that had been constraining its price for over a year. This pivotal moment signals the end of a long accumulation phase and serves as an early sign of a trend reversal.&nbsp;
</blockquote> 
With an intraday gain of 5.75% and a suitable surge in trading volume, the RUNE price appears on track for another 8.6% surge before encountering its next major resistance level at $3.15. Should the bullish momentum persist, the buyers could extend the recovery trend to $3.8 and possibly the $5.22 marks 
<h2 id="strong-is-a-correction-underway-strong">Is a Correction Underway?</h2> 
Despite the strong bullish undercurrents, it’s essential to recognize that such meteoric ascents often necessitate minor pullbacks for a more sustainable uptrend. Historical analysis of Rune Coin reveals three corrections during its recent four-month rally, each staying above the 50% or 61.8% <a href="https://coingape.com/glossary/fibonacci-retracement/">Fibonacci retracement levels</a>. Therefore, investors may continue to maintain a bullish outlook unless the price dips below the 50% retracement level, currently situated at $1.89. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The daily ADX reading of 38 suggests that buyer exhaustion may be nearing, underscoring the potential need for a minor price correction.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Averages: A pronounced upward shift in key daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a> (20, 50, 100, and 200) affirms the prevailing bullish sentiment.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/thorchain-price-prediction-buyers-escape-long-accumulation/">THORChain Price Prediction As Buyers Escape a Year-long Accumulation; Is $4 Next Target?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

THORChain Price Prediction As Buyers Escape a Year-long Accumulation; Is $4 Next Target?

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