THORChain (RUNE) Jumps 15%, Faces Key Resistance
Key Takeaways
- THORChain (RUNE) surged by 15.64% within 24 hours.
- A strong resistance at USD 2.93 could slow down further gains.
- Spot and derivatives markets are showing mixed signals.
- A drop to USD 1.77 remains possible – as does a rise to USD 4.14.
RUNE Reaches Critical Resistance
THORChain (RUNE) has seen a significant price increase over the past 24 hours. With a gain of more than 15%, the coin is now approaching a key resistance zone at USD 2.93. This price level is historically significant, as sell orders have frequently been placed there.
If the price fails to break through this level, a pullback to USD 1.77 could follow. This level is considered the next strong support. A breakdown below this could trigger further losses, although it might also lead to a technical rebound.
Spot Market Shows Caution
According to data from CoinGlass on May 22, there was a net outflow of USD 1.68 million from the spot market. This suggests that investors may be taking profits or hedging against potential price declines.
It is currently unclear whether this represents short-term profit-taking or the start of a longer correction phase. This uncertainty is adding pressure to the upward trend.
Derivatives Market Remains Bullish
In contrast to the spot market, the derivatives market presents a bullish picture. Open interest – the volume of open positions – rose by 18.65% over the past 24 hours to USD 86.57 million. This indicates increased trading activity and growing interest.
The long/short ratio is also in positive territory at 1.105, meaning more traders are betting on rising prices. This market sentiment could help stabilize the price – provided that selling pressure in the spot market does not intensify.
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Liquidity Zones Provide Clues
A look at the liquidation heatmap reveals where large clusters of open positions are located. These zones act as magnets for price action, often triggering strong moves.
Currently, larger liquidity clusters are located below the current price, particularly around the USD 1.70 level. A drop into this area could trigger many liquidations – which in turn could lead to a technical rebound.
On the upside, another resistance lies around USD 2.30. If RUNE manages to break through this area, a retest of the USD 2.93 level becomes likely.
Our Assessment
RUNE is showing strong short-term price movements but is facing a crucial resistance level. The resistance at USD 2.93 could prove to be a turning point. While the derivatives market is betting on further gains, the spot market signals caution.
If you’re considering investing in RUNE, pay attention to the differing signals from the markets. A sustained breakout above USD 2.93 could pave the way to USD 4.14. However, if the breakout fails, pullbacks to USD 1.77 cannot be ruled out.
Sources
- TradingView
- CoinGlass
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