Thorchain (RUNE) price has shown strong bullish momentum over the last 24 hours, after finding support at an intra-day low of $6.16.

Bulls have reversed the negative sentiment, driving the price to a seven-day high of $7.08, marking a 12% increase in the past day and a 25% rise over the last 30 days.

Subsequently, this price surge coincided with a notable increase in RUNE’s market capitalization, which rose by 12.02% to $2.39 billion. Additionally, the 24-hour trading volume jumped by 142% to $583.99 million. Analysts now predict that RUNE could see a price increase of over 125% in the near term.

Will Thorchain Price Soar 125%?

The recent price rally has brought renewed attention to Thorchain (RUNE) as market activity intensified significantly. The cryptocurrency’s 24-hour trading volume increased to $583.99 million, representing a surge of 142%, reflecting heightened buying interest. Concurrently, the market capitalization also saw a 12.02% rise, solidifying Thorchain’s growing market position at $2.39 billion.

Open interest in RUNE futures has also gained traction, increasing by 16.19% to $114.97 million. This rise indicates growing optimism among investors as bullish sentiment dominates the market. The uptick in both trading volume and open interest suggests that traders and buyers are actively positioning themselves for potential upward moves in RUNE’s price.

Analysts see this strong momentum as an indicator of continued price growth. Cryptocurrency analyst Javon Marks commented on the current trend, stating, “$RUNE (THORChain) has an upside target of approximately $15.75, representing a potential increase of over 125%.”

Technical Indicators Confirm Bullish Sentiment

RUNEUSD technical indicators also point to sustained bullish momentum for the token. On the 4hr price chart, Thorchain price broke out of an ascending triangle pattern.which often signals of an impending upward price breakout.

The breakout occurred when RUNE’s price crossed the $6.50 resistance level, leading to a significant upward surge. Following the breakout, the bulls have maintained control, driving the Thorchain price above $7. Analysts consider the breakout confirmation a strong sign of buyer dominance.

RUNE/USD 4hr price chart (source: TradingView)

The Moving Average Convergence Divergence (MACD) indicator further supports this bullish sentiment. The MACD line recently crossed above the signal line, signaling the start of a potential upward trend. Concurrently, the histogram bars, which have turned green, show that buyer momentum is building as the MACD diverges upward.

In addition, the Relative Strength Index (RSI) is currently at 62.03, which indicates a bullish zone without the risk of being overbought. The indicator peaked at 75 during the recent rally, before slightly retreating, showing that buyers are still active without pushing the price into overbought conditions.

Subsequently, this balance suggests there could be more upward movement for Thorchain price if current momentum is maintained.

The post Thorchain (RUNE) Price Jumps 12% As Analyst Projects 125% Rally appeared first on CoinGape.

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Filed under: News - @ December 17, 2024 12:17 am