RUNE Price Has Formed a Wedge Pattern on a Daily Timeframe

The technical chart showed that the rune price has been on a bearish trend for the past few months. It has declined by facing resistance from a descending trendline.

The technical chart showed that the rune price has declined sharply over the past few months. It has faced resistance from a descending trendline and made several attempts to cross it.

Since March, the digital asset price has declined sharply, defending a falling trendline. The THORChain price failed to defend the last swing high, indicating the strength of the sellers.

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According to a source on X, the Rune crypto price showed weakness and failed to cross the trendline. However, THORChain price is expected to shoot up soon after the breakout and retest.

$RUNEDaily chart. Doesn't get more simple than this. Flip trend, hold retest, and long ?#Rune pic.twitter.com/QG1fCbhFhX

THORChain Price Overview

At press time, the THORChain price was being traded at $4.18, surging by 6.06% in the past 24 hours. It has a market cap of $1.40 Billion, and its 24-hour trading volume is $168.02 Million.

The fully diluted market cap was $1.73 Billion at the time of writing. The circulating supply is 334,979,688 RUNE, and the total supply is 413,721,264 RUNE.

RUNE Price Forms A Falling Wedge Pattern On Daily Time Frame

From the chart, it can be observed that the RUNE price has formed a falling wedge pattern on a daily time frame. It has reached a crucial breakout level and nearly crossed the upper trendline.

If the digital asset price manages to cross the upper trendline, then buyers might be interested. Investors may step in once the price starts trading above the 200-day EMA. This involvement of investors might lead to strong buying momentum.

On the other hand, if the Rune price faces resistance at the upper trendline, then sellers might easily drag down the price to the lower trendline. If the price drops and fails to hold the support level of $3, then sellers may dominate for a longer period.

Moreover, based on the technical indicators, the RSI has shown bullish divergence and is heading rapidly for the overbought zone. The price has crossed the 20-day EMA, and buyers are eyeing the 200-day EMA.

RUNE Price Analysis: A Break Out In Sight?

The technical analysis shows that the Rune price has the potential to break out and reach double digits soon. The price has formed a falling wedge pattern on a daily time frame and is close to crossing the upper trendline.

If the price manages to cross this level, especially if it starts trading above the 200-day EMA, then strong buying momentum can be expected.

However, if the price faces resistance and drops below the support level of $3, then sellers may dominate for a longer period.

Additionally, the RSI has shown bullish divergence, indicating a potential upward move. The price has crossed the 20-day EMA, with buyers eyeing the 200-day EMA.

This article is for informational purposes only and does not provide financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.