As the price of Bitcoin continues to fluctuate, some altcoins are struggling to break important resistance levels. Unless the king cryptocurrency secures support at $26,800, price erosion may persist in the overall market. Among the prominent altcoins is RUNE Coin, but what are the current predictions?
Since the beginning of August, THORChain (RUNE) has been fluctuating between $1.45 and $2.05. The price reached the peak level 9 days ago but faced resistance. The altcoin, which reached a temporary low level earlier this week, is now targeting the peak of its current range.
The $0.77 low on June 14 was a turning point for the price of RUNE. After reaching this low, the bulls gained strength. Following the $2.03 peak on August 19, the price retreated to a horizontal support area of $1.45. This created a range between $1.45 and $1.95.
Such ranges cause fluctuations at the two extremes once the price eventually breaks out of these boundaries. The daily RSI confirms the bullish outlook.
So, can the price surpass $2 again? The Elliott Wave theory is a model frequently used by expert analysts for long-term setups. According to the theory, the price of RUNE is in the fifth and final wave of an upward movement that started in June.
The defining feature of this rise is the symmetrical triangle formation in the fourth wave. This is actually a common occurrence in such structures. If the count is correct, the price of RUNE could see a peak at $2.4, which is 35% above the current price. The target is determined with the help of the 1.61 external Fib correction of the fourth wave. The Fibonacci retracement levels theory suggests that after a significant price movement in one direction, the price will partially retreat or return to the previous price level before continuing in the original direction.
Despite the bullish outlook, if the price of RUNE falls below $1.65, which is the lowest level on September 25, the expectation could reverse. We may see a retest of the $1.45 support by the bearish side.