RUNEUSDTRUNEUSD is trading at a pivotal level around 3.269, a historically reactive support and resistance zone. For a bullish continuation, a break and close above the swing high at 4.141 is needed, while maintaining support above 3.269. Conversely, a bearish scenario could unfold if the price closes below 2.538, potentially flipping 3.269 into resistance and triggering bearish momentum. These levels are key as the market determines its next move. tradingview.com/x/7VjwvqaG/
RUNEUSD looks to have recovered from overbought on the 1D so may have a launchpad for another 15-20% gain *if* BTC can jump over 36K ... otherwise an ascending channel breakdown for a large correction? Thoughts?
THORChain price is up 120% in a remarkable rally beginning October 20, testing levels last seen in May 2022.
However, the uptrend could be exhausted for RUNE as the altcoin is massively overbought. A 20% slump is possibly on the cards.
This bearish outlook will be invalidated once the altcoin records a decisive daily candlestick close above the $3.500 psychological level.
This theory is supported by significant on-chain metrics. Based on data from Santiment, social dominance for RUNE is rapidly shrinking, suggesting the altcoin is becoming increasingly irrelevant.