RUNE, the native cryptocurrency of the decentralized liquidity protocol THORChain, is on the verge of a huge upward movement. At the time of writing, RUNE’s price stands at $6.53, with a trading volume hitting $210.28 million in the last 24 hours and a market cap of $2.18 billion. Over the past day, RUNE’s price took a 2.10% hit, but it managed to edge up by 0.80% throughout the week.
THORChain (RUNE) Mid-Term $14, Long-Term $34.1 & $54.7
Crypto analyst Alex Clay has shed light on the current market outlook for THORChain (RUNE) amidst fluctuations in its short-term price. Despite recent turbulence, Clay’s analysis suggests a positive trajectory for the popular cryptocurrency, emphasizing a period of re-accumulation as a precursor to a potential bullish movement.
Clay’s assessment reveals that THORChain (RUNE) is undergoing a re-accumulation phase, marked by forming a bullish flag pattern. This pattern is positioned strategically on the macro scale, indicating a consolidation period preceding a possible upward price trend. Clay highlights specific factors contributing to this optimistic forecast.
THORChain’s (RUNE) bullish flag formation has materialized in a strategically advantageous area within the re-accumulation phase. This placement signifies a robust foundation for potential price appreciation, positioned above a resistance confluence comprised of EMA 21, a Key Trendline, and the $3.95 Key Level.
Additionally, the cryptocurrency’s price action is currently confined to $3.95 to $6.4, encapsulating significant key levels and trendlines, indicating a period of consolidation before a potential breakout. Clay speculates that upon the conclusion of the re-accumulation phase, THORChain (RUNE) could breach the Major Supply Zone around $14.
Dismissing this zone as insignificant in the face of potential upward momentum, Clay suggests that the current bullish flag formation presents an opportune moment for investors to accumulate assets before a potential price surge. In line with his optimistic outlook, Clay provides ambitious price targets for mid- and long-term investors. These targets include a mid-term goal of $14 and long-term projections of $34.1 and $54.7.
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