The recent rebound of THORChain (RUNE) has sparked bullish hopes due to the formation of an interesting pattern over the daily chart. The RUNE Price just requires a push above the $4.66 level, and then there might be a sustained buying momentum.
Cryptocurrency traders and analysts are keeping a close eye on THORChain (RUNE) after a recent price rebound and technical formations signaled a potential buying momentum.
As per recent analysis, RUNE might be a promising digital asset for traders seeking a cryptocurrency with a reversal potential in September. It could outperform several altcoins amid the market recovery in the 2nd week of September.
Here's a deeper look at the factors supporting THORChain's price and the challenges it might encounter in September.
Positive On-Chain Sentiment Shift
On-chain metrics highlighted a positive shift in traders' sentiment toward RUNE. Positive sentiments have surged in recent sessions, and the weighted sentiment curve has transitioned from bearish to bullish territory.
Futures traders might have contributed to the recent RUNE price surge, as Open Interest (OI) contracts reached a two-month high. An OI data of $38.8 million indicated investors' confidence in holding long positions and a greater willingness among traders to invest.
Transaction volume also surged by 30.69% at press time, signaling an increasing demand for RUNE crypto. The Volume/Market Cap ratio stood at 10.88, suggesting moderate volatility in the crypto. It was ranked 51st in the cryptoverse with a live market capitalization of $1.36 Billion.
Is RUNE Price Primed for Substantial Gains in September?
The RUNE price shrugged off the prior downtrend on the daily chart, bouncing from the psychological $3 level. This price surge showed the bulls defending the support, which was crucial for a trend shift.
At the time of writing, the price had breached the 20-day and 50-day EMAs, hinting at a potential trend shift ahead. The Relative Strength Index (RSI) line was seen hovering around 51.6 points at press time, while the 14-day SMA line was situated at 47.2 points.
An inverted head and shoulders pattern also emerged in the daily timeframe. The price was forming the last shoulder of the pattern at press time.
The neckline of this pattern lies at the $4.46 level, and if breached, it could pave the way for a 60% rally on the higher side till the $7 level.
On the other hand, if the RUNE price fails to break through the neckline and encounters selling pressure, it may lose the recent gains and fall back toward the $3 level.
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