Ending a short-term decline, Thorchain is poised to gain momentum and regain lost levels. The altcoin is poised for a hypersonic rally as RUNE price is ready to rise above the dynamic average again.
With high expectations for the altcoin season in the coming months, Thorchain is eyeing a triple-digit rise in the next bull market. Will Thorchain Reach $100? To answer these questions, read our RUNE price prediction now.
Will RUNE price exceed $7?
Source- TradingView
With the support of the 200D EMA, RUNE price is showing a round bottom reversal and a recovery rally is underway. After forming a low high, the 44% pullback finally showed strength.
A bullish reversal forces buyers to overtake the resistance trendline and challenge the overhead 50-day EMA. Additionally, recovery delays the likelihood of a dead cross event.
Currently, RUNE coin price is trading at $4.71 with an intraday candle retesting the broken trend line with a low price rejection. This increases the likelihood of a reversal after a retest. Considering that the intraday candle closed above the 50-day EMA, altcoins could soon enter a supersonic bull market.
Technical indicators:
MACD indicator: With a bullish reversal, the MACD and signal line provide a bullish crossover and approach the 0 line. Additionally, the greater the strength of a positive histogram, the more likely an upward trend is.
EMA: The 50-day EMA and 200-day EMA keep the RUNE price within a dynamic range. Therefore, a breakout of either will determine the next trend of the altcoin.
Will Thorchain explode in February?
Buyers are preparing for a breakout advance as the rounding bottom pattern continues on the daily chart. However, if the price of RUNE exceeds the 38.20% Fibonacci level at $5, the possibility of a rise to $7 increases.
On the other hand, a break below $4.3 could push Thorchain down to $3.64.