CandleFocus THORChain (RUNE) False Breakout Sparks 9% Price Decline
2024-11-05
Author: Content Editor
The native token of the decentralized cross-chain liquidity protocol ThorChain, RUNE, recently broke out of a falling wedge pattern but quickly fell back into the wedge, creating a bull trap. This reversal has negative implications for RUNE holders. The negative funding rate and declining Relative Strength Index (RSI) further support a bearish outlook for RUNE, with potential price drops to $2.53 and $1.32. However, if demand reverses, there is a possibility of a breakout above the wedge's upper trendline targeting $6.99.
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