RUNE Price Has Shaped a Falling Wedge Pattern; What's Next?

The RUNE crypto price has formed a falling wedge pattern in a daily time frame. It has taken support on the lower trendline and has extended to the 20-day EMA level.

THORChain (RUNE) price analysis for March 2024 reveals a crucial breakout from a falling wedge pattern on the daily chart. The price has been consolidating within a descending formation and appears to be nearing a critical buying zone.

After a strong bull run from August 2023 to March 2024, where RUNE price gained around 1000%, the digital asset encountered profit booking near the $10 resistance level. This led to a decline in price, slipping below key moving averages and forming lower lows and lower highs.

At press time, THORChain coin price was trading below the 200-day EMA, while MACD generated a golden crossover with the Signal line but still displayed red histograms.

Technical indicators suggest that RUNE price could potentially experience a buying signal if it triggers a breakout from the falling wedge pattern and crosses above the 200-day EMA, especially with an increase in trading volume during the breakout.

According to the technical chart, a breakout from the falling wedge pattern and 200-day EMA could lead to buying opportunities for two-digit targets within a few weeks. However, price may encounter resistance near the $7 level.

On the other hand, if buyers fail to defend the $3 mark, it could lead to selling pressure and a bearish signal.

A source on TradingView highlights a massive bullish momentum building for THORChain price on a weekly time frame. The analysis suggests a breakout from a wedge pattern and a potential 4x target from the current price.

The broader chart shows strong support for RUNE price, and if it manages to hold and breakout from this support level, the target could be 4x from the current price in the next few weeks.

Overall, THORChain price is at a critical juncture with the potential for a significant breakout based on technical analysis and market indicators.

A breakout from the falling wedge pattern and 200-day EMA could present a buying opportunity, potentially leading to a bullish momentum.

However, it's crucial to monitor key resistance levels, especially near the $7 mark, and observe buyers’ support at these levels to gauge the strength of the potential breakout.

This article is informational only and does not provide financial, investment, or other advice. The author and 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.