RUNE Technical Analysis Report | 24th-August-2023


THORChain (RUNE) stands out from the crowd with its unique cross-chain liquidity system, and in the current week, it has garnered significant attention for a compelling reason. It has made an impressive 33% surge over the past seven days. This noticeable rise in value can be attributed to a concurrent uptick in discussions within the community about THORChain. The excitement surrounding the price movement of RUNE is tied to the introduction of streaming swaps, a feature that offers swappers a more advantageous price through sub-swaps. Furthermore, the expansion of this technology to networks like Cosmos and Avalanche has broadened its application and consequently bolstered investor confidence.

At the time of writing, RUNE was trading at $1.594.

THORChain (RUNE) Daily Chart | 24th August-2023
THORChain (RUNE) Chart

Rune made a ‘Double Doji’ candle at the support of $0.90 and started moving upwards by making a ‘Higher Top Higher Bottom’ pattern. The prices surged almost by 125% and made a high of $2.029. The asset resisted at the psychological level of $2 and witnessed some profit booking and the prices dropped to $1.53. Currently, Rune is consolidating just above the support of $1.50. If it sustains and holds above support then we can expect the bulls to resume the up-move. However, to witness further rally it needs to break, close and sustain above the resistance of $2.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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