THOR’s Price Surge This Week May Be Followed by a Golden Cross

• Messari revealed that THOR’s price rose nearly 300% over the last week alone.
• At press time, the altcoin was trading at $0.368 after it dropped more than 10%.
• A significant bullish Golden Cross was on the verge of taking place on THOR’s daily chart.

The on-chain intelligence platform, Messari, highlighted the impressive price performance of THOR over the past week in a tweet yesterday. According to the post, the native token of THORSwap has risen nearly 300% throughout the past seven days.

Since the post was published, however, the altcoin’s price has fallen more than 10% according to CoinMarketCap. At press time, THOR was changing hands at $0.368 after it suffered a 24-hour loss of 10.82%.

From a technical perspective, THOR’s price was able to break through several key resistance levels in the past week. The first level breached by the altcoin’s price was the $0.204915 resistance and was flipped into support on 10 August 2023. In the days that followed, THOR continued its positive momentum to make light of the next key resistance level at $0.271030.

The bullish momentum then started to cool down after THOR closed a daily candle above this significant price point on Saturday. However, 48 hours later, the cryptocurrency’s price surged to a high of $0.874703. This price spike ignited a wave of sell volume — ultimately bringing the altcoin’s price back below the $0.681715 and $0.396555 resistance levels.

Something to note is that there was an anomaly recorded in the RSI indicator on THOR’s daily chart. Over the past week, the indicator surged deep into overbought territory — reaching a high of 90.93. It has, however, gradually decreased since reaching this peak — suggesting that momentum may shift in favor of bears in the coming few days.

Nevertheless, the 50-day EMA line was attempting to cross above the 200-day EMA line. Should this cross happen, it will trigger a significant bullish technical flag known as a Golden Cross. This will indicate that momentum over the next several months will be in favor of buyers. In fact, it may potentially signal that the altcoin has entered into its bull run.

If this bullish thesis is validated, THOR’s price may reclaim a position back above the $0.681715 resistance level. Continued buy support in the months following this break above the resistance level could boost the altcoin’s price to its all-time high above the $2 mark.

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