THORChain (RUNE): Analyzing Bullish Possibilities Amid Bearish Patterns

The Status Quo: RUNE’s Recent Rally

So, you might be wondering what RUNE is up to these days. Long story short: it has recently skyrocketed like a fired-up rocket, bouncing back by a whopping 165% after hitting a critical support level of $3.15. I mean, if you had a party when that happened, congratulations on being a trendsetter!

Is $11.50 Within Reach?

Right now, RUNE’s price is strutting around $7.89, but analysts are speculating that it could flirt with the $11.50 mark, which is about a 45% increase from its current level. It’s like having a friend who keeps boasting about a big promotion—they’re up there, but can they really reach that next level without tripping over their shoelaces?

Bearish Patterns and Potential Corrections

Now, don’t pop the champagne just yet. The price action is encased in a classic descending triangle pattern, which sounds a lot cooler than it actually is. Technically, this could lead RUNE to slide down to $3.15 again after briefly reaching the $11.50 target. It’s the trading version of a roller coaster—up, down, and maybe back up again!

The Silver Lining: A Shift to Symmetrical Triangles

On the brighter side (because who doesn’t want sunshine and unicorns?), the lower horizontal trendline adjustment might be hinting at a makeover of sorts—transforming from a descending triangle to a symmetrical triangle. This is code for a potential continuation pattern, suggesting that RUNE could be gearing up for another bull run, pushing towards a tantalizing $30 to $80 range in 2022. Who’s ready for some serious crypto expansion?

Fundamental Factors: What’s Fueling the Fire?

Despite the stormy political clouds and economic unpredictability drenching the crypto market—where the total market cap took a nearly 25% nosedive—RUNE has managed to swim against the tide. It’s gained around 9% year-to-date, primarily due to some stellar feature updates. You’ve got to love a good underdog story!

With updates like the launch of synthetic assets and a flurry of project developments, it’s clear that RUNE has some serious ambition. A promising new protocol, Thorfinance, is set to enliven the ecosystem and could add a gasket of push to RUNE’s value, maybe even making it deflationary as they roll out a new stablecoin. Talk about ambition!

So, buckle up, folks; it’s going to be a thrilling journey, full of potential for RUNE. Remember, though, that investing is like trying to find a four-leaf clover—sometimes lucky, sometimes not. Do your homework!