Thorchain (RUNE) has captured the attention of the crypto market, showcasing impressive bullish momentum over the past 24 hours. After finding support at an intra-day low of $6.16, RUNE’s price skyrocketed to a seven-day high of $7.08, marking a 12% gain in just a day and a notable 25% rise over the past 30 days.
This price rally has been accompanied by a sharp increase in market activity. RUNE’s market capitalization surged by 12.02% to $2.39 billion, while its 24-hour trading volume soared by 142%, reaching $583.99 million. The uptick in both metrics highlights growing investor confidence and heightened buying interest in Thorchain.
Adding to the optimism, open interest in RUNE futures climbed 16.19% to $114.97 million, signaling increasing trader participation. Analysts believe these developments set the stage for a potential price increase of over 125% in the near term. Javon Marks, a prominent cryptocurrency analyst, has set an upside target of $15.75 for RUNE, suggesting further bullish potential.
Technical Indicators Support Bullish Outlook
RUNE’s recent price movements align with strong bullish signals from technical indicators. On the 4-hour chart, the token broke out of an ascending triangle pattern—a classic indicator of an impending upward price breakout. This breakout pushed RUNE beyond the $6.50 resistance level, driving it above $7 as bullish sentiment took control.
The Moving Average Convergence Divergence (MACD) indicator further reinforces this momentum. The MACD line recently crossed above the signal line, accompanied by green histogram bars, signaling strengthening buyer dominance. Similarly, the Relative Strength Index (RSI) sits comfortably at 62.03, indicating bullish conditions without being overbought.
What’s Next for Thorchain?
The combination of strong technical indicators, rising trading volume, and increased open interest suggests that RUNE’s price rally could continue. If the bulls maintain control, Thorchain may be on track to hit the predicted $15.75 target, representing a potential 125% increase from current levels.
As RUNE captures market attention with its remarkable momentum, all eyes are on whether Thorchain can sustain its rally and deliver on the bullish expectations.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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