THORChain (RUNE): Chances for a Swing Trade

17 Apr

On the two-hour timeframe, the clarity of the market movements for RUNEUSDT becomes even more evident. The end of Wave ((i)) is marked by our high at $11.47. Following this peak, there has been a consistent downtrend, punctuated by a brief corrective phase—this is typical market Elliott Wave behavior.

We potentially have the end of Wave ((ii)) established within the 50% to 78.6% retracement levels. Additionally, a Fair Value Gap (FVG) is marked in yellow on this chart. This scenario presents a second strategic play for Rune.

We would wait for the price to rise, triggering a change in structure. This would involve retesting the trendline and the Fair Value Gap, then breaking out above and re-touching the support zone where we could place our entry.

This strategy would represent a short-term trade opportunity but is quite intriguing due to the dynamics at play on the lower timeframe. It’s feasible that we might follow this plan depending on how the situation develops with Rune.