THORChain (RUNE) Price Prediction: RUNE Poised to Fly If It Can Overcome This Resistance Level

Thorchain's native token, RUNE, is among the top five gainers in the crypto market today, boasting a price increase of 5.50%.

Cryptocurrency prices are showing signs of recovery today, with Bitcoin (BTC) and Ethereum (ETH) both trading up by 1%. However, one cryptocurrency that is outperforming the market today is THORChain (RUNE), with a price increase of 5.50%.

A closer examination of the RUNE price chart reveals a consolidation period, with price movements occurring within a narrow range. Two moving averages are visible on the chart, with the green line likely representing shorter-term trends and the red line indicating longer-term trends. RUNE's price has been fluctuating between these moving averages, indicating both bullish and bearish momentum.

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Crucial Resistance Level for RUNE Breakout

Cryptocurrency trader Scott Melker, also known as “The Wolf Of All Streets,” shared on X (formerly Twitter) that RUNE is positioned for further gains if it can cross a crucial resistance level.

Melker highlights a potential breakout that could see RUNE's price rallying higher if it clears the $5.714 mark. This level is crucial for RUNE, and a breakout could lead to a strong upward push for the cryptocurrency.

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Chart analysis reveals that RUNE's price has been squeezing up, hinting at the possibility of an impending breakout. This squeezing pattern occurs when volatility decreases, causing price action to contract and accumulate energy for a substantial movement.

The "big grey trigger arrow," referenced in Melker's tweet, might be a technical indicator suggesting a likely bullish breakout. If RUNE successfully breaks above this resistance, analysts predict that it could catalyze further gains, driven by increased buyer activity.

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The chart also reveals a "squeeze" pattern, where RUNE's price has been consolidating in a range just under the resistance. This pattern often precedes a breakout, where compressed price movements lead to heightened volatility once the range is breached.

Moreover, the recent spike in RUNE's trading volume, with a near 100% increase, supports the notion of growing buying interest, potentially leading to an upside breakout if it crosses the resistance threshold.

Volume increases, particularly during consolidation near resistance, generally indicate strong buyer interest. With RUNE's current upward trajectory and volume surge, the token is gathering momentum that could propel it higher should it achieve a clean break above the resistance level.

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