• THORChain price is up 15%, filling up a triangle chart pattern with prospects for a bullish breakout.
  • It comes amid hype of native RUNE being added on self-custody wallet Edge, simplifying participation in the decentralized THORChain protocols.
  • RUNE could extrapolate the gains 10% to clear the range high at $6.679 before tagging the $7.000 psychological level.
  • The bullish thesis will be invalidated once the price breaks and closes below the $5.221 support.

THORChain (RUNE) price is trading with a  bullish bias, boasting a strong move north as the decentralized liquidity protocol token’s price continues to cover more ground. It comes after a longstanding period of consolidation, and now RUNE will not look back, steered by bullish news about the network’s integration geared towards enhancing participation in the decentralized THORChain protocols.

Also Read: THORChain price reclaims February 2022 highs with RUNE upward mobility on steam

THORChain Pumps as native RUNE integrates with a self-custody wallet

THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers. Rightfully so, thanks to self-custody wallet, Edge, integrating RUNE, the asset is among the trending coins this week, presenting trading opportunities for traders that can ride the wave.

Edge self-custody wallet integrating RUNE is part of a plan to simplify participation in the decentralized THORChain protocols.

THORChain price outlook amid integration-related hype

Investors can stay profitable by riding the hype of Edge wallet integrating THORChain. After a 15% climb on the day, the cryptocurrency still has some upside potential, indicated by the position of the Relative Strength Index (RSI) at 65 as there is still more room north before RUNE is overbought.

The Awesome Oscillators also remain in the positive territory, suggesting the bulls continue to maintain a presence in the RUNE market. Increased buying pressure above current levels, therefore, could see THORChain price break above the upper boundary of the triangle, extending north to test the $6.464 resistance level, where RUNE was rejected between November 17 and 18.

In a bullish case, THORChain price could clear this barricade, extending a neck higher to the $6.679 resistance level, or in a highly bullish case, stretch to test the $7.000 psychological level. Such a move would denote a 17% climb above current levels.

RUNE/USDT 1-day chart

On the other hand, if profit taking begins as traders look to cash in for the 15% gains, THORChain price could pull south, breaking below the support offered by the lower trendline of the triangle at $5.221. A breakdown of this buyer congestion level would expose RUNE to a cliff, potentially testing the 25-day Exponential Moving Average (EMA) at 4.879. Such a move would confirm the invalidation of the bullish thesis.

In the dire case, THORChain price could drop lower, slipping past the 50-day EMA at $3.992 to test the $3.485 support level. This would constitute a 40% descent below current levels.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the RSI and the Awesome Oscillator indicators signal a potential reversal and upward movement in ZIL price in the coming days.

More Cryptocurrencies News

MATIC sets for a rally as Polygon Foundation confirms the migration date

MATIC sets for a rally as Polygon Foundation confirms the migration date

Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL.

More Polygon News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million.

More Bitcoin News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million. On-chain data indicates oversold conditions for BTC, suggesting a possible market bottom.

Read full analysis

BTC

ETH

XRP