Cryptocurrency THORChain’s native token, RUNE, has seen a strong 15% price climb today as it continues an upward move out of a period of consolidation. RUNE now trades at $6.15, filling up a triangular chart pattern that, if broken out above, could lead to further bullish momentum.
Keypoints
- THORChain (RUNE) price is up 15% currently, filling up a triangle chart pattern that could lead to a bullish breakout
- The gains come amid hype around native RUNE being added to the Edge self-custody wallet, simplifying participation in THORChain protocols
- RUNE could extend the gains by another 10% to clear the $6.679 range high before hitting the key $7.000 psychological level
- The bullish view would be invalidated if the price breaks below and closes under the $5.221 support level
- Edge integrating RUNE aims to simplify decentralized protocol participation, driving investor interest
Behind RUNE’s powerful gain is hype stemming from decentralized liquidity protocol token being newly added to the Edge self-custody cryptocurrency wallet. Edge integrating support for RUNE aims to simplify participation in THORChain’s decentralized liquidity and trading protocols for regular crypto users. This has driven investor interest back to RUNE today.
Native $RUNE is now supported in Edge Wallet for your self-custodied enjoyment@EdgeWallet already supports functionality like Swaps and Savers. Try it today ????https://t.co/uv7xA5AkeF https://t.co/HHNvCf70GS
— THORChain (@THORChain) November 28, 2023
Looking at the charts, RUNE could have room to run another 10% higher to clear tough resistance at the $6.679 level where the token has repeatedly topped out between its current trading range over recent weeks. If momentum continues building, RUNE may then challenge the psychologically important $7.000 whole figure mark.
However, losses would invalidate RUNE’s bullish outlook if sell pressure drives its price back below the lower rising trendline of its current triangle consolidation pattern, which sits around the $5.221 support level. A breakdown below this area of buyer congestion could open the door to a steeper 40% drop towards the $3.485 figure.
For now, trading volume and market dominance indicators back RUNE’s upside as it trends positively on the Edge integration news. But risk-averse traders may want confirmation of a triangle breakout holding above $6.679 resistance before entering fresh bullish positions in the altcoin.
