THORChain (RUNE) Technical Analysis 2021 for Crypto Traders

THORChain (RUNE) Technical Analysis 2021 for Crypto Traders

In THORChain (RUNE) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about RUNE to analyze the future movement of the cryptocurrency

THORChain (RUNE) is a decentralized cross-chain liquidity protocol that enables users to easily exchange cryptocurrency belongings across a range of networks without losing full custody of their assets in the process. RUNE is the asset that powers THORChain ecosystem and provides the economic incentives required to secure the network

THORChain (RUNE) Current Market Status

According to CoinMarketCap, the RUNE price is trading at $5.82 with a 24-hour trading volume of $359,728,035, at the time of writing. However, RUNE has increased by 39.98% in the last 24 hours. 

In addition, RUNE has a circulating supply of 234,263,293.16 RUNE. Currently, RUNE trades in  Binance, Tokocrypto, CoinTiger, FTX, and HitBTC. 

THORChain (RUNE) Technical Analysis 2021 

THORChain (RUNE) holds the 63rd position on CoinMarketCap right now. The recent development and upgrades might push RUNE to reach new heights. Now, let’s deep dive into the RUNE technical analysis 2021. The weekly time frame chart of THORChain (RUNE) is shown below.

RUNE/USDT Descending Channel Pattern (Source: Tradingview)

The above chart shows the Descending Channel patterns. The descending channel pattern is the price action that occurs between the upward and downward trendlines. In addition, lower highs and lows constitute this price pattern.

RUNE trades in a range of $5. If the price breaks the trend line then it falls to the support level of $2.45

THORChain (RUNE) RSI

The below chart shows the relative strength index (RSI) of RUNE. 

RUNE RSI (Source: TradingView)

As shown in the below chart, RSI remains at 55.16. This shows that RUNE’s price is in a nearly overbought state. However, this shows that traders can trade carefully.

THORChain (RUNE) RVOL

The below chart shows the Relative Volume of RUNE. RVOL is an indicator that represents to traders how the current trading volume has changed over a while compared to the past trading volume.

RUNE RVOL(Source: TradingView)

Notably, in the last week of June, it is found that the RVOL of RUNE observed is weaker. Currently, the RVOL of RUNE remains below the cutoff line which represents the weaker participants in the current trend.

THORChain (RUNE) Moving Average

RUNE’s Moving Average (MA) is shown in the chart below. Moving Average is a part of technical analysis that supports traders to find trends.

RUNE MA (Source: TradingView)

In the 50 MA (Short-term), the price of the RUNE is in a bullish state, and it has broken the 200 MA. However, it will completely go to a bearish state.

Currently, the price of RUNE is trading below the 200 MA level so we can expect more bullish in the upcoming days.

THORChain (RUNE) Price Comparison With Bitcoin

The below chart shows the price comparison between RUNE and BTC. 

RUNE vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and RUNE is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of RUNE also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the RUNE platform. THORChain has a great future ahead in this crypto market. However, RUNE can reach new heights.

Bullish RUNE price prediction 2021 is $ 21.45. However, as mentioned above, it may reach great heights, however reaching $22, if investors have decided that RUNE is a good investment in 2021.

FAQ

What is RUNE?

THORChain (RUNE) is a decentralized cross-chain liquidity protocol that enables users to easily exchange cryptocurrency belongings across a range of networks without losing full custody of their assets in the process. 

Where can you purchase RUNE?

RUNE is listed on many cryptocurrency exchanges that include Binance, Tokocrypto, CoinTiger, FTX, and HitBTC. 

Will RUNE reach a new ATH soon?

The ongoing developments and upgrades inside the RUNE platform have a high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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