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THORChain (RUNE) Reaches 14-Month High Targets – Will $3 be Next?

2 mins
Updated by Ryan Boltman
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In Brief

  • ThorChain's (RUNE) price hit a 430-day high of $2.38, the culmination of a significant increase since its low of $0.78 in June.
  • The weekly timeframe Relative Strength Index (RSI) and the daily timeframe Elliott Wave count for RUNE are both bullish.
  • Despite the bullish RUNE price prediction, a close below the $2 horizontal support area will mean that the trend is bearish.
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The ThorChain (RUNE) price has increased swiftly since October 20. The price reached a 430-day high of $2.38 today. 

Will RUNE continue increasing towards $3, or is the local top getting closer?

RUNE Reaches 430-Day High

The RUNE price has increased since June, when it was trading at a low of $0.78. The price created a higher low in August and accelerated its rate of increase afterward, reclaiming the $1.05 resistance area. 

While the upward movement stalled in September, RUNE accelerated the increase further this week, culminating with a high of $2.34 today.

This was a 430-day RUNE high, since the price was at $2.96 in August 2022. 

RUNE Price
RUNE/USDT Weekly Chart. Source: TradingView

The weekly Relative Strength Index (RSI) is bullish. With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true.

The RSI is increasing and is above 50, both signs of a bullish trend.

RUNE Prediction: How Long Will Increase Continue?

Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

Elliott Wave theory suggests that the RUNE price is in the fifth and final wave of an upward movement that began in June.

If so, RUNE can increase to $2.73, close to the $2.80 horizontal resistance area. The target is found by projecting the length of waves one and three to the bottom of wave four.

The target is nearly 20% above the current price.

RUNE Price Prediction
RUNE/USDT Daily Chart. Source: TradingView

Despite this bullish RUNE price prediction, a daily close below $2 will mean the local top is in.

RUNE could fall by nearly 40% to $1.40 in that case.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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