Ammar Raza

THORChain (RUNE) Price Surge Could Hit $11.60, Eyeing $20 If Momentum Holds

Cryptocurrency, Price analysis, THORChain (RUNE)

THORChain
  • THORChain (RUNE) gained 44% in the last 30 days, catching attention in the crypto space.
  • A technical setup hints at a potential breakout, with the first key resistance at $7.40.
  • If momentum continues, RUNE could target $11.60, with a bullish surge possibly reaching $20.00.

THORChain (RUNE) is making waves as its recent performance suggests the token could be poised for a significant price surge. Over the past 30 days, RUNE has gained nearly 44%, drawing increasing attention from the crypto community.

However, last week showed a slight dip, with the token down by 0.76%. Despite this minor setback, market sentiment around RUNE remains strong, especially with the recent rally in Bitcoin, which is propelling several altcoins, including RUNE, toward potential gains.

As of today, the price of THORChain sits at $5.12, supported by a 24-hour trading volume of $174.14 million. The project currently holds a market cap of $1.73 billion, contributing to a market dominance of 0.08%. In the past 24 hours alone, RUNE has risen by 5.52%, showcasing resilience amid broader market fluctuations.

RUNE 1D graph coinmarketcap 2
Source: CoinMarketcap

THORChain (RUNE) Poised for Significant Uptrend

THORChain (RUNE) has caught the eye of traders with a technical setup that signals the potential for a substantial breakout. The token shows signs of strength on the weekly timeframe as its price bounces from a long-standing descending resistance, a crucial move that could trigger a strong upward push.

This bounce from the descending resistance is not just a short-term fluctuation but could be an early indication of a larger upward trend. The price action suggests RUNE may be preparing to break free from the smaller channel that has constrained it for some time. RUNE could embark on its next significant upward move if the current momentum continues.

RUNEUSDT 2024 10 07 15 29 33
THORChain (RUNE) Price Surge Could Hit $11.60, Eyeing $20 If Momentum Holds 3

Technically, the first key level for RUNE to hit is $7.40, an important resistance point. The second target, set at $11.60, represents a mid-range milestone where investors could look to take profits or reassess their positions. However, if the bullish momentum persists, THORChain could surge to $20.00, marking a major victory for long-term holders and speculators.

This possible price rally aligns with broader market trends, where Bitcoin’s recent surge has lifted the performance of various altcoins. As Bitcoin continues its bullish run, its influence on the market benefits tokens like RUNE, driving interest and liquidity toward these assets. The overall market sentiment remains positive, and RUNE’s technical setup is showing promise.

Related | Bitcoin (BTC) Surges to $61K: Is the Rally Just Beginning?

Ammar Raza

Ammar Raza