THORChain (RUNE) Price Recovers After Selloff — Targets Highs Above $10

Key Takeaways

• THORChain (RUNE) is reclaiming a 93-day support trend line.
• The wave count suggests it has started a bullish trend reversal.
• Can RUNE reach a new yearly high and increase above $10?

The RUNE price has gradually increased since Aug. 5, culminating with a high of $6.32 on Oct. 29. However, it has fallen since and declined significantly on Nov. 4, falling to a 46-day low.

However, the price bounced immediately afterward and has recovered all of its previous losses.

Let’s analyze the price action and see why the crash happened and what lies ahead.

Why Did RUNE Selloff?

On Nov. 4, a Kraken user withdrew  $1.85 million in RUNE and attempted to swap it for BTC using THORSwap. The large transaction caused concern, and the network temporarily blocked the transfer.

After Kraken confirmed it as legitimate, the block was lifted, and the user moved it to Binance in an attempt to sell. This likely caused panic and a considerable crash in the RUNE price, which fell to a low of $4.21 before recovering.

The same day, positive THORChain news hit once it was announced that the integration with Ledger  was finally complete. A Discord post noted that v50, the biggest upgrade  to THORChain, is ready to review and could launch in the next few days.

RUNE Reclaims Support

Since it’s $2.53 low on Aug. 5, the RUNE price has increased alongside an ascending support trend line. While doing so, it also moved above the $4.90 horizontal area and validated it as support.

The aforementioned Nov. 4 RUNE crash (black circle) caused a breakdown below both these levels. However, the ensuing bounce confirmed it as a deviation since RUNE is closing above both the horizontal and diagonal levels, confirming them as support.

Despite the bullish price action, technical indicators do not yet confirm the bullish trend reversal. This is because the Relative Strength Index (RSI) is at 50 while the Moving Average Convergence/Divergence (MACD) is at 0, both signs of a neutral trend.

Bullish Future Trend

The long-term wave count is also bullish, aligning with the daily price action. According to the count, RUNE has started wave C in a long-term A-B-C structure (white). The sub-wave count is in black.

Giving waves A:C the same length and duration leads to a high of $13.27 in April 2025.

The sub-wave count suggests that RUNE has started sub-wave three, the sharpest out of the bullish ones. As a result, the RUNE price is likely to increase quickly, accelerating its upward movement once it closes above the $6.80 horizontal resistance area.

Falling below the wave B low of $2.54 will invalidate this count and lead to new lows, but this currently seems unlikely.

RUNE Price Targets $13

While the Nov. 4 RUNE price crash was worrisome, the strength shown afterward bodes well for the future trend.

The long-term wave count gives a target of $13.27 and suggests the upward movement will accelerate with a close above $6.80.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

See more

[email protected]