Thorchain (RUNE) Price Jumps 12% As Analyst Projects 125% Rally

by

As a seasoned researcher with over two decades of experience analyzing financial markets, I have seen my fair share of bull and bear markets. However, the recent performance of Thorchain (RUNE) has caught my attention and piqued my interest. The 12% increase in just 24 hours and the 25% rise over the last month are impressive figures that demand closer scrutiny.

Over the past 24 hours, Thorchain’s (RUNE) price has displayed robust upward movement, recovering from its daily low of $6.16 which acted as a strong support level.

In simpler terms, the price of bulls has risen significantly, reaching its highest point in seven days at $7.08. This represents an impressive 12% growth within the past day and a substantial 25% increase over the last month.

After this, the price rise was accompanied by a significant growth in RUNE’s market capitalization, which climbed up to $2.39 billion, representing a 12.02% increase. Furthermore, the 24-hour trading volume experienced a significant jump of approximately 142%, reaching $583.99 million. Currently, analysts foresee a potential price surge of more than 125% for RUNE in the short term.

Will Thorchain Price Soar 125%?

The strong price increase in Thorchain (RUNE) has sparked renewed interest in this cryptocurrency as trading activity reached new heights. In just 24 hours, the trading volume surged by a massive 142%, reaching an impressive $583.99 million. This surge indicates a significant boost in buying demand. Simultaneously, the market capitalization of Thorchain grew by 12.02%, solidifying its growing influence within the crypto market at a valuation of $2.39 billion.

Interest in RUNE futures is on the rise, with a 16.19% jump to $114.97 million. This surge suggests growing enthusiasm among investors, as bullish sentiments are prevailing in the market. The increase in both trading activity and open interest indicates that traders and buyers are actively preparing for potential price increases in RUNE.

According to analyst Javon Marks, the current trajectory of THORChain’s price suggests a possible surge towards around $15.75, which represents a potential growth of more than 125%.

Technical Indicators Confirm Bullish Sentiment

The technical indicators for RUNEUSD suggest that the token’s bullish trend is likely to continue. On a 4-hour timeframe, the price of Thorchain has broken free from an ascending triangle formation, which typically suggests an upcoming price surge.

The price of RUNE surpassed its previous resistance at $6.50, triggering a substantial increase in value. After this breakthrough, bullish forces have remained dominant, pushing Thorchain’s price over $7. This breakout is interpreted by analysts as a clear indication of strong buying power.

The Moving Average Convergence Divergence (MACD) indicator reinforces a positive outlook, suggesting an impending bullish movement. Lately, the MACD line has surpassed the signal line, indicating the possible onset of an upswing. Simultaneously, the bars in the histogram, now appearing green, indicate growing buyer momentum as the MACD trend upwardly deviates.

Furthermore, we find that the Relative Strength Index (RSI) stands at 62.03, suggesting a bullish trend area where the market isn’t yet overextended. Earlier in the rally, the RSI reached 75, but then eased back slightly, demonstrating that buyers remain active without driving prices into overbought territory.

If the current trend continues, the balance indicates a potential increase in Thorchain’s price, suggesting further rise might occur.

Read More

2024-12-17 03:18