Recent Surge in RUNE Prices What Are the Next Steps

CoinWorld reports:
THORChain [RUNE] surged by 17.15% within 24 hours as bullish sentiment swept through the cryptocurrency sector following Bitcoin [BTC] reaching an all-time high of $754,000 against the US dollar.
The volatility on Monday prompted a strong bearish reaction from the market, but the bulls quickly allayed fears of a bearish reversal.
A price above the $4.76 level is a good short-term signal, but can the bulls establish support from here?
THORChain’s bearish market structure was broken



From the daily chart, RUNE has been on a steady upward trend since its significant decline in August. This trend and bullish market structure were maintained until November 4.
Bitcoin [BTC] experienced some turbulence, dropping to $668,000 after facing rejection from $736,000 six days ago.
Following this rejection, RUNE encountered massive selling pressure, causing the price to plummet from the bearish order zone of $6.3 in June to $4.22 within a week.
This represented a 33.3% decline and reversed the market structure.
More concerning is that the support base THORChain established in the $4.5 region over the past month was breached. A mitigating factor is that the OBV is trapped within a micro range.
This indicates that as long as the OBV remains within the outlined range, RUNE is more likely to trade between $4.5 and $6.3.
More clues from the range formation



The liquidation heat map shows that the liquidity cluster established around $4.5 during the recent pullback was swept away.
The strong rebound in the area suggests that this move might have been liquidity-driven rather than a wave of high spot market selling.
Currently, there is no clear liquidity pool to attract RUNE. The $5.8-$6.2 region is worth watching and might push the price higher, but it may not rise immediately.
RUNE is more likely to consolidate below $6, allowing time for short-term liquidations to accumulate, before climbing to higher prices to catch up with them.