RUNEUSD looks to have recovered from overbought on the 1D so may have a launchpad for another 15-20% gain *if* BTC can jump over 36K ... otherwise an ascending channel breakdown for a large correction? Thoughts?
THORChain price is up 120% in a remarkable rally beginning October 20, testing levels last seen in May 2022.
However, the uptrend could be exhausted for RUNE as the altcoin is massively overbought. A 20% slump is possibly on the cards.
This bearish outlook will be invalidated once the altcoin records a decisive daily candlestick close above the $3.500 psychological level.
This theory is supported by significant on-chain metrics. Based on data from Santiment, social dominance for RUNE is rapidly shrinking, suggesting the altcoin is becoming increasingly irrelevant.