\nDemand pressure at the support of the channel pattern hints at a bullish upswing in the near term; Buy now?\t\t\t\t<\/p>\n
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The ongoing recovery trend in RUNE price has taken a more steady approach under the influence of an expanding channel pattern. In the past two months, the prices have rebounded twice from the lower trendline and twice from the upper trendline, indicating its strong influence on market participants. Thus, with the traders currently witnessing high demand pressure at the bottom trendline, this altcoin is poised for a significant recovery ahead.<\/span><\/p>\n <\/p>\n Also Read: Why Ark Invest\u2019s Updated Bitcoin ETF Filing Is Bullish for BTC Price?<\/a><\/p>\n Following the phenomenal jump price of the RUNE coin, the price starts shaping into an expanding channel pattern. In theory, the diverging trendlines of the chart pattern reflect increasing volatility.<\/span><\/p>\n Amid the recent downturn in the crypto market<\/a>, the price action displays a retracement from the overhead resistance trendline at $2.26, completing a negative cycle to test the bottom support trendline. This downfall plunged the coin to its current trading price of $1.64, registering a 27.5% loss in the last two weeks.\u00a0<\/span><\/p>\n However, with an additional support of a 200-day EMA, the THORChain coin price<\/a> manages to absorb the incoming supply and avoids fracturing the support trendline around $1.55. With a new forming morning star pattern at the trendline, the buyers are preparing to restart a positive cycle within the channel.\u00a0<\/span><\/p>\n<\/blockquote>\n Optimistically, the buyers can manage to regain the bullish momentum as the overall market displays a possibility of a recovery rally with this October season. In such a case, the Rune prices can reclaim the overhead psychological mark of $2 and rechallenge the $2.26 swing high with a better possibility of breach.<\/span><\/p>\n <\/p>\n If the sellers keep the bullish growth under check, a sharp increase in supply can fracture the support trendline. In such a case, the downtrend momentum will be significantly increased with the breakdown fall fueling the bearish sentiments. Therefore, on the bottom side, the falling prices can test the crucial support of $1.38.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nWill RUNE Price Rebound From $1.5 Support<\/b><\/h2>\n
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Is Correction Trend Heading to $1.4?<\/b><\/h2>\n
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