October 31, 2023
The RUNE coin price is currently following a rising channel pattern on its daily chart, indicating potential for further growth. This pattern, combined with a bullish market sentiment, has fueled a significant rally over the past nine days. However, there are concerns about whether this bullish momentum can withstand the emerging market-wide selling pressure.
Over the past two months, the THORChain coin price has been trading within a well-defined channel pattern, with dynamic support and resistance levels. On October 20th, the coin bounced off the lower trendline of the channel, initiating a powerful recovery rally that has seen a 66.75% increase from its recent low of $1.50 to its current price of $2.54.
The recent breakout above the channel's upper trendline is a positive sign, indicating that buyers are ready for more substantial gains. Today's 5.2% uptick further strengthens the case for a continuation of the rally. If the breakout holds, the RUNE coin price could rally another 32.5% and reach a high of $3.20.
While the short-term outlook for the RUNE coin remains bullish, it's important to note that the broader crypto market is experiencing rising selling pressure. After such a sharp rally, a minor pullback would be expected and could help recalibrate bullish momentum. The breached trendline or the $2.32 level could provide suitable support for the anticipated pullback and contribute to the continuation of the bullish rally.
In conclusion, the channel pattern on the daily chart suggests that the RUNE coin price has the potential for further growth. However, it is important to monitor the market-wide selling pressure and be prepared for a possible minor pullback. If the breakout holds, the price could rally to $3.20. Investors should consider these factors when making their investment decisions.
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