Thorchain is up by over 10% since the day started. It started trading at $5.31 but surged after a slight decline.
The altcoin saw a massive increase in buying volume as the session progressed. As the bullish sentiment spread, it joined the rest of the crypto market. RUNE shot up, breaking its September high at $5.60. It attempted the $6 barrier but failed and peaked at $5.85.
This is not the first green candle, as the asset has been on the uptrend over the last two days. Following its massive declines, which saw it drop to a low of $4.69 and lost almost 10%, it saw a significant buyback. It gained over 2% on the next and nearly 6% during the previous intraday session.
Thorchain May Hit $6.50
Nonetheless, indicators are reacting to the ongoing bullish trend. The relative strength index is rising, surging from 49 (the lowest last week) to 63 at the time of writing. Other metrics, like the average directional index, are also on the rise.
The moving average convergence divergence prints buy signal at the time of writing. It shows a bullish divergence that happened a few days ago. The 12-day EMA continues its uptrend as buying pressure mounts.
Bollinger band blares warnings amidst the bullish readings from other indicators. The asset surged above the upper band, meaning the uptrend may end soon. Nonetheless, its recent attempt at the $6 barrier suggests that the buyer will resume buying after a minor correction that may happen.
They will look to reclaim $6 and push prices as high as $6.5 in the coming days. Thorchain is also at risk of a possible decline, it may drop and retest the $5 support.
In other news, Floki Inu is up almost 5%. It started the day at $0.000135 and surged, hitting a high of $0.000145, but failed to sustain the momentum. As a result, it dropped, trading at $0.141. The RSI is at 49, hinting at room for further uptrends.
