RUNE Technical Analysis: Reversal At $1.50 Lights Bullish Hope

The RUNE technical analysis displays a bullish breakout of the long-coming resistance trendline taking a potential trend reversal. The RUNE price action highlights the support trendline fallout rally reversing from the $1.50 psychological mark to end the long-coming downtrend. 10% increase in the last 48 hours projects a high likelihood of a bullish turnaround that may challenge the 50-day EMA. Key Points: The Thorchain price action shows a recovery rally approaching the 50-day EMA. The increase in buying pressure teases a bull run. The intraday trading volume in Thorchain is $42.87 Million. Source-Tradingview RUNE Technical Analysis The RUNE price action shows a 50% drop in market value in the last two months after the support trendline fallout. Additionally, the declining prices reach the bottom support level of $1.50 and generate a resistance trendline. However, the increase in buying pressure at the psychological mark of $1.5 resulted in a 10% price jump leading to two bullish engulfing candles. And the recovery rally breaks above the new resistance trendline highlighting a breakout entry opportunity. Hence the high momentum bullish reversal rally increases the possibility of prices exceeding the 50-day EMA. The breakout rally can result in a price jump to the psychological mark of $2 at the 38.20% Fibonacci level. Conversely, if RUNE prices reverse to retest the broken resistance trendline, sideline traders can expect a s...