ThorChain (RUNE) bulls are gearing up to reclaim the $5.50 level, according to a price prediction. After experiencing a full swing V-shaped recovery, ThorChain is expected to see further gains in the near future. This positive outlook is supported by both technical indicators and on-chain metrics.
Multiple technical indicators suggest a bullish trend for ThorChain. The Relative Strength Indicator (RSI) is moving up, indicating rising momentum. The Moving Average Convergence Divergence (MACD) indicator is also moving above its signal line, hinting at a potential bullish cycle. Furthermore, the histogram bars of the MACD are green, suggesting a strong presence of bulls in the market.
On-chain metrics from Santiment further support the bullish thesis. The percentage of stablecoin total supply held by whales with over $5 million is increasing, indicating a growing intention to buy ThorChain. The social dominance and social volume metrics are also recording significant upticks, suggesting increased mentions of ThorChain on social media.
If ThorChain is able to overcome resistance at the 50-day and 100-day Simple Moving Averages, it could make a 15% climb to reach $5.50, a level last seen on January 4. In a highly bullish scenario, the altcoin could even hit the $6.00 psychological level.
However, it’s important to note that early profit booking could potentially disrupt the rally and send ThorChain price back to the 50% Fibonacci level of $4.38. If the price breaks and closes below this level, the bullish thesis would be invalidated. In a worst-case scenario, ThorChain price could drop to the 200-day SMA at $3.35.
Overall, the outlook for ThorChain (RUNE) is optimistic, with bulls preparing to push the price towards $5.50. However, traders should closely monitor key levels and market conditions to assess the validity of this prediction.