RUNE Crypto Technical Analysis: Strong Bullish Momentum Anticipated as RUNE Breaks Above Crucial Trendline and EMAs

RUNE crypto is showing strong bullish momentum, trading above a crucial trendline and the 50-day and 200-day EMAs, forming a golden cross.

THORChain (CRYPTO: RUNE) crypto derivatives data showed buyers and sellers battling to gain the upper hand in the ThorChain crypto trend on Monday.

What Happened: The open interest for the crypto saw a slight increase of 0.67% over the last 24 hours, while the derivatives trading volume for the crypto saw a surge of 51% over the last 24 hours.

The reported long liquidation for the crypto stood at $289,730 compared to the short liquidation, which amounted to $17,470. This indicated seller dominance in the crypto over the last 24 hours.

RUNE Technical Analysis: RUNE crypto’s price declined from a crucial level and faced consistent resistance at a dynamic trendline for over two years.

Following recent price action, the crypto’s price broke out above the dynamic trendline a few weeks ago. Considering that the crypto’s price has been in an accumulation phase for an extended period, a strong move to higher levels in the crypto’s price can be anticipated.

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Now Available on Benzinga Pro Chainlink Price Prediction: Where Will LINK Go In 2024? RUNE crypto’s price surged above both the 50-day and 200-day EMAs, denoting a strong bullish trend on the daily chart. This move is reinforced by the EMAs currently displaying a golden cross, further confirming this uptrend’s strength.

Moreover, the MACD and the signal line are in a bullish cross, advancing firmly into a positive trajectory. It is supported by the formation of bullish histograms on the daily chart, reinforcing the ongoing positive momentum.

The RSI also highlights the strength in RUNE’s price movement. It broke out from the 14-day SMA and continued to ascend from previously oversold zones, signaling consistent upward momentum.

Important levels to watch for RUNE support are $1.0 and $3.80, followed by resistance at $13.230 and $19.50.

This article was generated by Benzinga's automated content engine and reviewed by an editor.