THORChain (RUNE) is currently in a consolidation phase, trading between the support level of $1.34 and resistance at $1.41. This indecisive market environment has traders watching for a breakout to unlock potential gains toward the $2.00 target based on Fibonacci analysis. A significant price break above this resistance could signal an upturn in RUNE’s performance despite dollar-denominated weakness. 5.1% decline in USD terms, but a gain of 2.4% against Bitcoin showcases relative strength, indicating market resilience.
The chart analysis reveals a descending structure, with potential for a bullish breakout once it overcomes key resistance levels. A sustained test at these levels will signal the start of a significant price rally.
Although RUNE has faced a challenging week, exhibiting a 5.1% decline in USD terms, its performance against Bitcoin remains positive. This divergence points to an overall stability despite the weakening dollar environment. Currently, traders are monitoring for signs of a breakout and anticipate a shift toward higher upside targets if $1.41 resistance is breached.
The analysis concludes with a view that RUNE’s price action will remain in a consolidation phase before potentially breaking out to new highs. Traders closely watch the $1.40-to-$1.41 level for signals of breakout momentum.