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Will Bears Halt the Rally?

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The THORChain (RUNE) price is posting a green candlestick for the second day today, collectively rising by nearly 50% in the last 48 hours. This has caused the bears considerable dejection.

But could this potential development change the tides and put the short traders in the driving seat?

RUNE Price Rise Hurts Bears

Following the 50% rally in the last two days, RUNE price has managed to breach a crucial barrier and is on the cusp of flipping another key Fibonacci Retracement level into support. However, in doing so, RUNE caused considerable losses for the short traders.

Nearly $1 million worth of shorts contracts have been liquidated until writing. This is the highest shorts liquidation since November 2023, marking a four-month high. The optimism thus imbued will likely result in higher Call contracts taking precedence.

RUNE Liquidation. Source: Coinglass

The Open Interest volume is peaking at $121 million, the third highest over 24 months. This suggests that investors are still holding out significant Futures contracts at the time of writing. Combining this with the positive funding rate highlights that most of these contracts are likely favoring a bullish outcome.

Read More: 8 Best Crypto Platforms for Futures Copy Trading

RUNE Futures Open Interest | Source: TradingView
RUNE Futures Open Interest. Source: Coinglass

RUNE Price Prediction: Where Could Price Head Next?

Looking at the 3-day chart, RUNE price seems to have already breached the 50% Fibonacci Retracement of $11.4 to $1.7. This level is $6.5, and the candlestick is close to breaching the $7.7 barrier. The latter coincides with the 61.8% Fibonacci Retracement, also considered a bull rally support floor.

Flipping this line into support sustains the rally, boosting the bullish momentum. Considering the investors’ intentions, this is a possible outcome that could push RUNE’s price to tag $10.

Read More: Top Crypto Events in 2024

RUNE/USD 3-day chart
RUNE/USD 3-Day Chart. Source: TradingView

However, the MVRV Z-Score suggests that selling could be on those cards. This indicator measures the ratio between a cryptocurrency’s market value and realized value, indicating whether it’s over or undervalued. A positive score suggests overvaluation, while a negative score indicates undervaluation.

RUNE’s MVRV Z-score is well above the 2.71 threshold, suggesting the altcoin is overvalued and could induce profit-taking. Consequently, the RUNE price would note corrections, likely falling to $6.5. Losing this level would invalidate the bullish thesis, sending the cryptocurrency to $4.0.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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