We utilize historical data, price analysis, RSI, RVOL, and other information about RUNE to evaluate the cryptocurrency’s future movement in Technical Analysis of THORChain (RUNE) for 2021.
THORChain (RUNE) is a decentralized cross-chain liquidity protocol that allows users to effortlessly trade cryptocurrency assets across several networks while maintaining full custody of their holdings. RUNE is the asset that drives the THORChain ecosystem and provides the necessary economic incentives to keep the network safe.
Current Market Situation for THORChain (RUNE)
RUNE is currently trading at $5.82 on CoinMarketCap, with a 24-hour trading volume of $359,728,035 at the time of writing. RUNE, on the other hand, has risen by 39.98% in the past 24 hours.
In addition, there are 234,263,293.16 RUNE in circulation. RUNE is now available for purchase on Binance, Tokocrypto, CoinTiger, FTX, and HitBTC.
THORChain (RUNE) Technical Analysis 2021
THORChain (RUNE) is currently ranked 63rd on CoinMarketCap. RUNE may be pushed to new heights by current development and improvements. Let’s take a closer look at the RUNE technical analysis for 2021. The chart of THORChain (RUNE) on a weekly time period is given below.
Descending Channel Pattern in RUNE/USDT (Source: Tradingview)
The Descending Channel patterns are shown in the graph above. The price movement that happens between the upward and downward trendlines is known as the descending channel pattern. This price trend is also characterized by lower highs and lows.
RUNE is now trading in a $5 range. If the trend line is broken, the price would fall to the $2.45 support level.
RSI THORChain (RUNE)
RUNE’s relative strength index (RSI) is shown in the chart below.
The RSI is still at 55.16, as seen in the chart below. This indicates that RUNE’s price is almost overbought. This, on the other hand, demonstrates that dealers may trade with caution.
RVOL THORChain (RUNE)
The Relative Volume of RUNE is shown in the graph below. RVOL is a trading indicator that shows how current trading volume has changed over time when compared to previous trading volume.
In particular, the RVOL of RUNE recorded in the final week of June is weaker. RUNE’s RVOL is now below the cutoff line, indicating the weaker players in the current trend.
Moving Average for THORChain (RUNE)
The chart below depicts RUNE’s Moving Average (MA). A moving average is a tool used in technical analysis to help traders spot trends.
The RUNE’s price is bullish in the 50 MA (short-term) and has broken through the 200 MA. It will, however, fully shift to a bearish position.
The price of RUNE is now trading below the 200 MA line, indicating that we may anticipate further positive movement in the coming days.
Comparison between THORChain (RUNE) vs Bitcoin
The price comparison between RUNE and BTC is shown in the graph below.
Chart comparing the prices of RUNE and BTC (Source: TradingView)
The trend of the BTC can be seen on the chart, and RUNE is moving in lockstep with the trend. This means that when the price of BTC rises or falls, the price of RUNE rises or falls as well.
Conclusion
With the continuing improvements and enhancements to the RUNE platform. In current crypto economy, THORChain has a bright future. RUNE, on the other hand, has the potential to soar to new heights.
The price estimate for RUNE in 2021 is $ 21.45. However, as previously said, it has the potential to reach tremendous heights, hitting $22 if investors believe that RUNE is a smart investment in 2021.
FAQ
What exactly is RUNE?
THORChain (RUNE) is a decentralized cross-chain liquidity protocol that allows users to effortlessly trade cryptocurrency assets across several networks while maintaining full custody of their holdings.
RUNE is available for purchase in a variety of places.
Binance, Tokocrypto, CoinTiger, FTX, and HitBTC are just a few of the cryptocurrency exchanges that have RUNE listed.
Will RUNE be able to set a new ATH in the near future?
The RUNE platform’s continuing improvements and enhancements have a good chance of achieving its ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
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Frequently Asked Questions
Is Rune a good investment 2021?
Is Thorchain a good investment?
Thorchain is a good investment.
Can you trade crypto with technical analysis?
Unfortunately, I can not do technical analysis.
