RUNE Price Analysis Teases Breakout, But There’s A Catch!

Being in a solid uptrend, the weekly trend in the RUNE coin price challenges the overhead resistance trendline and teases a prolonged bull run. However, the bulls struggle to extend the rally due to the 5.43% drop last week, reflecting the strength of overhead supply.

As the buyers keep attempting a bullish breakout, the RUNE price remains volatile, close to the overhead trendline. Despite the volatile currents, the RUNE price prediction presents a bullish outlook.  

Source – Tradingview

Support the bullish outcome, the positive trend in the 50W and 200W EMA teases a golden crossover. Moreover, the weekly trading volume fell sharply during last week’s correction, displaying a weak bearish commitment. 

The RUNE coin price makes a bullish pennant pattern in the daily chart, and RUNE enters a pullback from $6.66. Further, the ongoing bear cycle within the pennant with a long wick candle threatens the bullish side. 

Source – Tradingview

Currently, the RUNE coin price trades at $5.31 with an intraday fall of 2.73% as the altcoin reverts from the overhead trendline. 

Technical indicators:

MACD indicator: The declining trend in the MACD ad signal lines continues to gain momentum following the crossover. The bearish trend in the MACD histogram continues to amplify. However, the bearish gap remains minimal, keeping a significant possibility of a bullish crossover. 

EMA: The positive trend continues for the 50D and 200D EMA and gains an extreme gap, reflecting a solid underlying demand for RUNE. 

Will RUNE Price Give A Bullish Breakout?

With the market losing the optimism of Bitcoin Spot ETF, the altcoins are suffering a similar fate but amplified. However, the RUNE coin price maintains a bullish continuation pattern in the daily chart. On the upside, the breakout rally can reach the $7.83 mark. 

In the long-term, the pennant breakout can lead to the overhead trendline breakout in the weekly chart, igniting a hug trend reversal. In such a case, a bull run above $10 is possible to reach $12.

However, the ongoing reversal within the pennant warns of a bearish crossover. Therefore, a breach under $5 can prove fatal for Thorchain and lead to a drop to $4.50.