THORChain Climbs to Fresh All-Time Highs Amid Market Positivity
THORChain (RUNE) is stretching the positive move after the sharp climb on Monday, reaching fresh all-time highs of $13.54.
*Thorchain (RUNE) stretched Monday’s climb to a new all-time high of $13.54
*RUNE is already up in the week by 32.43%
*ShapeShift announces THORChain integration
THORChain (RUNE) has been in an uptrend since Mar. 25. RUNE resolved a double bullish pennant on its daily chart since Apr. 8 to extend its climb higher. Amid general market optimism, Thorchain stretched Monday’s climb to a new all-time high of $13.54 on Tuesday and is already up in the week by 32.43%. The daily RSI has also picked up steam and is currently pointing towards its 80 overbought marks. Thorchain approached the $13.53 spike that it posted on April 10, posting a double top pattern.
ShapeShift Announces THORChain Integration
ShapeShift, a Switzerland-based cryptocurrency exchange has announced full integration with THORChain, enabling direct trading of BTC, ETH, and LTC. ThorChain is based on the Tendermint consensus protocol, which is also associated with the Cosmos ecosystem. The exchange is backed by its native token RUNE, which acts as collateral to facilitate trades.
A growing market for cross-chain transfers has spurred THORChain’s increase in recent months. RUNE price has increased by nearly 10x since 2021. At its current price of $12.98, RUNE has a market cap of $2.89 billion, placing it 47th among active cryptocurrencies.
RUNE Daily Chart: Bullish
Bulls took over again on Tuesday, driving RUNE price near Apr. 10 high of $13.53. RUNE has formed a double top pattern on the daily chart, this bearish pattern could see the asset likely to continue to push lower. The location of the RSI, above 70, hints that the bullish action may be overdone, and therefore no space is left for additional upside. However, if the RUNE/USD pair manages to close above today’s high of $13.54, then it would invalidate the double top pattern, resulting in either a consolidation or a possible move higher.
A move higher above the current price will see a retest of the record peak before moving into uncharted paths. The upside rally could then pause at psychological levels such as $14 and $15.In the negative scenario, if the RUNE price reverses lower, traders could initially look for nearby support around the $12.55 barrier and then at $10.37. Breaking under this level, the next targets will be $8.76 ahead of the MA 50 at $6.86.
RUNE/USD 4-Hour Chart: Bullish
After correcting lower from $13 high on April 10, the pair declined to the MA 50 before settling above the $11 level. The RUNE/USD pair climbed higher and surpassed the $13 resistance. A high was formed near $13.54 before the pair returned lower. A successful close above the $13.54 level could lead THORChain further higher towards the uncharted resistance zone between $14 and $15.
However, if RUNE price retreats, it could touch support at $11.51 ahead of the MA 50 at $10.90. Even lower, the support range between $8.81 and $9.43 could attract attention ahead of the MA 200 at $7.55. Overall, the RUNE price could nosedive if it fails to hold the $12.81 support. On Apr. 10, the RUNE/USD pair started a downside correction from the $13 high. Nevertheless, the pair’s outlook remains positive in the meantime.
Resistance Levels: $17.00, $15.00, $13.54
Support Levels: $12.00, $10.37, $8.76
Image Credit: Tradingview
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