The post Analysts Bullish on THORChain (RUNE) Price: 4x Gains Ahead? appeared on BitcoinEthereumNews.com.

In less than ten days, the THORChain (RUNE) managed to harness more than 40% gains on the chart. In intraday, it showed splendid 14% gains, where it last traded at $3.70 (at press time). The optimism in RUNE was led by the broader market bullish sentiment, as BTC jumped above the $60000 mark. The increased bullish sentiment led its market cap to increase by 14%, reaching $1.23 Billion. This surge placed RUNE at the 55th rank based on it’s 24-hour price activity.  Meanwhile, intraday, the spot volume inflow surged 30%, signifying rising interest. The liquidity ratio of 24 hours was also good at 16.60%, which signified more liquidity present in the asset, making trading easier. Analyst On X Predicts 4X Gains The RUNE price had been at an important level and has bullish sentiment. There are numerous posts on X this week of many traders, investors, and researchers sharing their optimism for the asset. @cryptojack on X shared optimism with followers with a chart drawing. The analyst highlighted the possibility of 4x gains. @cryptojack further stated that RUNE seemed poised for a massive breakout, given the bullish pattern. Despite Losing Major Gains, Why Are Many Expecting a Rally? RUNE is the native token of THORChain, the cross-chain decentralized exchange. On the daily chart, the token is down nearly 65% from March highs and has formed support at major demand zones. This month, the price had showcased a bullish presence in correlation to the broader crypto market recovery. Despite the massive sell-offs, many are confident that RUNE price might start rallying in the coming sessions. The primary reason for the confidence lies in the fundamental factors and efforts that were made by the development team in the second quarter. RUNEpool, a major update to the platform, was launched on July 31st,…

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Filed under: News - @ August 14, 2024 11:19 pm