RUNE is currently experiencing its fourth day of consecutive gains. The coin is currently up by more than 25% as a result 0f the uptrend. It opened the week at $6.3 and flipped the $8.6 resistance a few minutes to the time of writing.
More than $4.5 million worth of short positions have been liquidated over the last four days. The most recent state of the token has garnered a lot of reaction from traders. Mostly bullish, the comments are targeted at Thorchain hitting $10 soon. Is that possible?
As per the Relative Strength Index, we observed that the digital asset is currently overbought. This may negatively affect RUNE as increased selling pressure may follow. If this happens, we may see the cryptocurrency at $7.
Using the Fibonacci Retracement, several channels are created. As per the metric, we note that the asset is currently between the $7.1 and $8.6 passage. The bulls must maintain prices within this level to guarantee further uptrend.
In addition to the asset being overbought, the Moving Average Convergence Divergence (MACD) is also printing a negative signal. It’s been on the rise for a while and could dip, experiencing a bearish convergence.
How long the impending correction will take is a question only time will answer. However, RUNE facing rejection at the $8.6 resistance is a good sign for the bid to $10 as a retest could flip the mark and place the token between the $8.6 and $12 channel.
RUNE is not Alone
Aave is also experiencing the same sentiment as the preceding coin. It’s been mostly bullish for most of the week. It has gone up by more than 11% over the last 24 hours as it regained stability above $150.
Seeing a bullish divergence at the start of the current intraweek session, AAVE may continue to enjoy further uptrends. This claim is further made clear as RSI is on the rise, indicating the sudden increase in buying pressure.
