Home ThorChain ThorChain: Is $0.25 Possible in 2020?

ThorChain: Is $0.25 Possible in 2020?

The cryptocurrency markets are seeing a reversal in early March 2020, with Bitcoin battling to stay above $8,800 as it strives to return to the $10,000 level. As Ethereum recovers from $220 and begins to climb, this is assisting several altcoins to stabilize.

ThorChain: Is $0.25 Possible  in 2020? iBase Trading.
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The cryptocurrency markets are seeing a reversal in early March 2020. With Bitcoin battling to stay above $8,800 as it strives to return to the $10,000 level. As Ethereum recovers from $220 and begins to climb, this is assisting several altcoins to stabilize.

With the bullish trend remaining in effect, many cryptocurrency holders are optimistic about the industry’s prospects in 2020. One of the most exciting things we will see this year is the emergence of DeFi (Decentralized Finance).

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In 2020, the cryptocurrency managed to increase its value by more than 80%, reaching an all-time high of roughly $0.135. The cryptocurrency has subsequently gone below $0.1, but there is plenty of support beneath it to help it recover.

In 2020, RUNE might climb by another 160 percent, reaching $0.25 at some point during the year. This is a conservative prediction because it will be difficult to predict after we break through the current all-time high price and enter new territory.

Thorchain (RUNE) Price Analysis

With a high of $0.112 in December, the currency had an outstanding year in terms of price performance. It rose from a low of $0.02 as it approached this resistance. A 1.414 Fibonacci Extension level created resistance, causing RUNE to roll over and decrease throughout the rest of 2019.

Thorchain managed to find very solid support at $0.054, which supplies by a.618 Fibonacci Retracement level, during the price decrease. It bounced back after reaching this level of support, but it has yet to return to this level.

Thorchain continues to climb higher in 2020, gently making its way back toward the $0.112 resistance highlighted before. It rose further in the last few days of January 2020, reaching the 1.618 Fibonacci Extension level of resistance at $0.135.

Since then, the cryptocurrency has fallen somewhat, but it has found support at the 100-day EMA level of $0.095. The short-term .5 Fibonacci Retracement level also backs it up.

Optimistic or Pessimistic

We can consider ourselves neutral as of March 2020. Before we can consider the cryptocurrency to be bullish again, it must climb to a new all-time high of over $0.135. On the other hand, we may consider the market to be bearish if RUNE drops and falls below the support level of $0.054.

The short-term .5 Fibonacci Retracement level provides support at $0.092. Additional support can find at $0.09, $0.0825 (short term.618 Fib Retracement), and $0.08 beneath this.

If selling pressure continues to push RUNE below $0.08, additional support can be found at $0.068 (short term.786 Fib Retracement), $0.059 (short term.886 Fib Retracement), and $0.054 (long term.618 Fib Retracement).

RUNE should not drop below here in theory, but if it does, support may locate at $0.04, $0.034 (.786 Fib Retracement), and $0.022(.886 Fib Retracement).

Where is the Resistance?

The first level of resistance to rising over is $0.1 if the bulls can retain current support and begin to recover higher. Resistance comes in at $0.119 (prior 1.414 Fib Extension) and $0.135 (previous 1.414 Fib Extension) (previous 1.618 Fib Extension and all-time high).

Higher resistance, given by a 1.272 Fibonacci Extension level, is likely when the ATH is breached at $0.14, $0.15, and $0.155. Resistance levels of $0.166 (1.414 Fib Extension) and $0.182 then encountered (1.618 Fib Extension).

After that, $0.20 is likely to be the next level of resistance. The resistance finds at $0.202 (long term 1.272 Fib Extension) and $0.219 if the buyers can break $0.20 (1.414 Fib Extension). It’s crucial that I emphasize that these Fibonacci Extension levels drew in a customary manner (from swing low to swing high to retracement leg). $0.244 is the final degree of resistance to mention (1.618 Fib Extension level).

If the bulls can break above this level, they’ll have a clear path to my $0.25 price target. We’d have to wait for a breach of $0.135 to discover higher resistance past the previous ATH.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Steven Alvarez has 10 years of experience trading various assets. He was first introduced to cryptocurrency in 2011 and was immediately hooked. Aside from analyzing charts, Steven enjoys running and cycling.