THORChain’s (RUNE) recent price action has shown a fakeout as it failed to sustain its breakout above the $5 mark. The token faced rejection from the 200-day EMA mark and experienced a significant price cut. However, analysts remain bullish and suggest that if RUNE can regain momentum and surpass the $4.80 mark, it may have another opportunity to cross the $5 threshold.
As of now, THORChain is trading at $4.20 with a slight intraday drop of 9.84%. Its monthly return ratio is at 3.40% and its yearly return stands at 347.20%, indicating short-term consolidation. The price of RUNE/BTC pair is 0.0000664 BTC and its market cap is $1.29 billion.
The recent price action has raised some uncertainty among investors, and the resistance at the $5 mark needs to be broken for further clarity. The RSI curve has also reverted from the overbought zone, suggesting a shift in market dynamics. Despite this, some analysts, like CryptoNewton, believe that RUNE may still have a chance to reach the $10 mark.
During the recent price cut, long liquidations increased, indicating that bears have outpaced the bulls. The immediate support levels for RUNE are at $1.80 and $1.30, while the key resistance levels are around $2.40 and $3.
For RUNE to retain its bullish momentum, it needs to reclaim and hold above the 20-day EMA mark. Only then might it have another opportunity to cross the $5 mark and potentially continue its upward movement.