THORChain (RUNE) appears to be on an upswing trend following a breakout from a technical formation. Technical indicators imply that more buyers are entering the market, which could help drive the price upwards. It remains to be seen if RUNE will continue this trend to reach new resistance levels.
At the time of writing, RUNE is trading at $0.4894, with a daily trading volume of approximately $132.01 million and a market capitalization of $172.45 million. The token has climbed 9.69% over the last 24 hours, showing renewed buying interest.
Source: CoinMarketCap
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A crypto analyst, Butterfly, mentioned an important technical breakthrough on April 22, 2026. According to Butterfly, RUNE is having a breakout from a falling wedge formation on the 2-day chart. A falling wedge formation is usually considered a bullish sign as it signals the end of a previous downtrend.
Source: Butterfly’s X Post
The breakout seems to be very powerful as the buyers have gained momentum. If this uptrend persists, RUNE can attempt to go for higher ground, where some estimates have suggested that it might head towards the $2.00 level. But this is dependent on whether the buying momentum persists in the following days.
Technical signals point to increased momentum; however, hints of an overheated market are already visible. The relative strength index is at 72.05, which indicates that RUNE is in the overbought zone. It shows that the previous surge in prices was fast, and a brief pullback can follow next. The RSI value is 53.84, which suggests a sharp increase in buying power.
Source: TradingView
The RUNE is currently trading above its short-term moving average range of approximately $0.410 to $0.448, indicating short-term optimism in the market. The main level of resistance stands at $0.587, where another moving average exists.
MACD confirms the ongoing uptrend because the MACD line is above the signal line, while the histogram value remains positive. Momentum is seen as positive, but strength is still moderate and requires more purchases to validate.
Overall, there are indications that THORChain might be recovering after a technical breakout. The continuation of this trend will hinge on RUNE’s ability to sustain the gains, cross the resistance level, and garner continued interest from investors in the subsequent trading sessions.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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