The cryptocurrency market has been witnessing some intriguing movements over the past few weeks. Notably, THORChain (RUNE) has been on a prolonged downtrend.
However, Linda Trading has shared an analysis and observed a global setup that might be capable of reversing this trend. After a significant test of the market bottom, there are indications that the price is beginning to tap into its bullish potential.
In parallel, BTC is undergoing what can be described as a logical correction, which is expected to test a robust support area. Such movements are not uncommon in the volatile world of cryptocurrencies, and seasoned traders often look for these patterns to make informed decisions.
Another interesting observation is the rebound from the 0.777 mark, which many consider to be the market’s bottom. This rebound is forming a bullish reaction, especially with the backdrop of Bitcoin’s growth. There’s an evident active strengthening, and a breakout of the global trend resistance is in the making. Currently, the price seems to be trapped between a local resistance at 1.110 and a support level at 1.003. This positioning suggests that a local consolidation might be on the horizon, which could be followed by a retest of the flat’s upper boundary and the realization of the breakout. Such a move could infuse the market with new potential, leading to price growth.
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Show more +For traders who rely on moving averages, the MA-50 is currently acting as a support, while the MA-200 is posing as resistance. The vast height of the range provides ample room for medium-term strategies.
In terms of support and resistance levels, the market is looking at:
- Support Levels: 1.003, 0.777, MA-50
- Resistance Levels: 1.110
Given the current market dynamics, there’s an anticipation of a retest of the 1.110 resistance level. If this retest is successful, the market could witness a breakout, potentially leading to further growth. Some experts predict that this growth could reach levels of 1.433 or even 1.722.
In conclusion, while the cryptocurrency market remains unpredictable, the current patterns and trends provide traders and investors with valuable insights. As always, it’s crucial to stay informed and make decisions based on thorough research and analysis.
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