Thorchain shows a ray of hope. Are green days near?

• RUNE price may be poised to break out of the downtrend as it sets the stage for a short-term recovery and creates more bullish sentiment.
• RUNE seems to be strong on the lower timeframes.
• The RUNE price tries to sustain above the 8 and 20 EMAs on the daily timeframes.

Thorchain (RUNE) has shown little signs of recovery in recent weeks, but that could change as the price prepares for a rally against Tether (USDT). The past few weeks have been weak for the crypto space as most altcoins and major cryptocurrencies such as Bitcoin (BTC) continued to move in a range. The month looks promising as altcoins including the tall chain (RUNE) bounce back from lows, raising hopes for a rise as the current trend shifts. (Data from Binance)

Crypto market outlook

For most cryptocurrency projects as altcoins, including RUNE, the new month has been more of a relief. Bitcoin’s price is leading the market, rising from a low of $18,800 to $20,100. The previous month prevented major altcoins from rallying, so we may see a cryptocurrency recovery as the crypto market looks more promising.

Thorchain (RUNE) price analysis on the weekly chart

The price of RUNE in recent weeks has not shown the strength seen in other altcoins like Cosmos.

After rising from a low of $3 to a high of $12, RUNE price failed to break above $12, acting as a resistance to RUNE’s price and supply space, facing rejection.

The price has since struggled to find support as it has fallen to the weekly low of $1.5 in what looks like a demand zone for more buy orders.

RUNE price bounced back in this region to $1.6 as the price braced for a rise from this region. The price continues in the breakout range, but it looks promising with more buy orders than in recent weeks.

Weekly resistance to rune prices – $1.8-$2.

Weekly Support for Rune Price – $1.5.

RUN price analysis on the daily (1D) chart

On the daily timeframe, RUNE price remains bullish as it tries to reverse resistance at $1.8 and break through it with sufficient volume.

RUNE price is currently trading at $1.65 with resistance breaking above the 8-day and 20-day exponential moving averages (EMAs) that act as resistance zones for RUNE price. The $1.6 and $1.66 prices correspond to RUNE’s 8-day and 20-day EMAs, respectively.

Rune Price Daily Resistance – $1.66-$1.8

Rune Price Daily Support – $1.5.

Featured Image From zipmex, Charts From Tradingview