2024

The post <a href="https://coinpedia.org/price-analysis/rune-price-eyes-10-with-this-breakout-should-you-be-buying/" rel="noopener noreferrer nofollow">RUNE Price Eyes $10 With This Breakout, Should You Be Buying?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Following a bearish end to the last week, the RUNE price is starting a fresh recovery phase from a crucial demand zone. Leading to a potentially bullish pattern breakout, the uptrend in Thorchain’s native token price teases a take on the psychological mark of $10.
With the intraday growth teasing a trend continuation for the rising Thorchain market value, the breakout signals an entry point for interested players. Moreover, as per our <a href="https://coinpedia.org/price-prediction/thorchain-rune-price-prediction/" rel="noopener noreferrer nofollow">RUNE price prediction</a>, 2024 is expected to be a bullish year for Thorchain in the long term.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="471" src="https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08-1024x471.png" alt="" class="wp-image-258210" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08-1024x471.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08-300x138.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08-768x353.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08-1536x707.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08-150x69.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/03103632/RUNEUSD_2024-01-03_10-08-08.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/cC5LHiru/" rel="noopener noreferrer nofollow">Tradingview</a>
RUNE’s price completes a successful retest and a bounce back from the pivotal demand zone at $4.96. With the support of the rising 50-day Exponential Moving Average (EMA) and the 38.2% Fibonacci retracement level, the prevailing uptrend resumes the path to recovery.
Furthermore, this week’s fresh recovery marks a 14.55% jump and forms three consecutive bullish candles, a positive technical omen. In addition, the uptrend teases a bullish break of the double bottom pattern with a neckline at $6.
Currently, the RUNE coin price trades at $5.91 with an intraday gain of 3.33%, projecting a strong rise in the underlying demand. Supporting this thesis, the rise in the intraday trading volume improves the uptrend possibility.&nbsp;
Technical indicators:
MACD indicator: The bullish crossover in the MACD and signal lines marks a trend continuation for Thorchain following the short pullback.&nbsp;
EMA: The ongoing positive trend grows more vital for the 50D and 200D EMA, reflecting a solid underlying demand for RUNE.&nbsp;
<h2 class="wp-block-heading" id="h-will-rune-price-reach-10-with-a-breakout">Will RUNE Price Reach $10 With A Breakout?</h2>
If the price of RUNE can hold above the 23.60% Fibonacci level at $5.75, it could lead to a bullish break of the double bottom. In case the uptrend leads above $6, the Fibonacci levels tease a new swing high formation near the psychological mark of $10.
However, if it breaks below $5.75, it could retest $4.96. The $4.96 support level is significant because it is the previous rally’s 50% Fibonacci retracement level from $3.5 to $5.5.&nbsp;

RUNE Price Eyes $10 With This Breakout, Should You Be Buying?

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