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Thorchain Price Rises 12%, Analyst Predicts 125% Rally

Thorchain Price Rises 12%, Analyst Predicts 125% Rally

Thorchain Price Rises 12%, Analyst Predicts 125% Rally

The Thorchain price has surged by 12% and has reached a high of $7.08, as the trading volume has increased by 142% to $583M.

The price of Thorchain (RUNE) has exhibited a robust bullish trend in the past 24 hours following the discovery of support at an intra-day low of $6.16.

The price has reached a seven-day high of $7.08, a 12% increase in the past day and a 25% increase over the past 30 days, as bulls have reversed the negative sentiment.

Consequently, this price increase was accompanied by a substantial rise in RUNE’s market capitalization, which increased by 12.02% to $2.39 billion. Furthermore, the 24-hour trading volume increased by 142% to $583.99 million. According to analysts, the price of RUNE is expected to grow by more than 125% shortly.

Can the price of Thorchain increase by 125%?

Thorchain (RUNE) has garnered renewed attention as market activity has intensified significantly in response to the recent price rally. The 24-hour trading volume of the cryptocurrency increased by 142% to $583.99 million, which indicates a surge in buying interest. Simultaneously, Thorchain’s market capitalization increased by 12.02%, reaffirming its expanding market position at $2.39 billion.

Open interest in RUNE futures has also increased by 16.19% to $114.97 million. This increase suggests that investors are becoming increasingly optimistic, as a bullish sentiment characterizes the market. The increase in open interest and trading volume indicates that traders and buyers are actively preparing for potential price increases in RUNE.

Thorchain Price Rises 12%, Analyst Predicts 125% Rally - Protechbro: Top Stories on Bitcoin, Ethereum, Web3, & Blockchain

Analysts perceive this robust momentum as a sign of ongoing price growth. A cryptocurrency analyst, Javon Marks, expressed his opinion on the current trend: “$RUNE (THORChain) has an upside target of approximately $15.75, representing a potential increase of over 125%.”

Technical indicators corroborate bullish sentiment

Additionally, technical indicators for the RUNEUSD token indicate that it will continue to experience bullish momentum. Thorchain’s price exited an ascending triangle pattern on the 4-hour price chart. Which frequently shows an imminent upward price breakout.

The breakout occurred when the price of RUNE surpassed the $6.50 resistance level, resulting in a substantial upward movement. The bulls have maintained control of the Thorchain price, which has risen above $7 following the breakout. Analysts regard the breakout confirmation as a strong indicator of buyer dominance.

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

The Moving Average Convergence Divergence (MACD) indicator also reinforces this bullish sentiment. The MACD line recently surpassed the signal line, indicating the potential onset of an upward trend. Simultaneously, the histogram bars, which have turned green, indicate buyer momentum increases as the MACD diverges upward.

Furthermore, the Relative Strength Index (RSI) is currently at 62.03, indicating a bullish period without the risk of being overbought. The indicator reached its highest point at 75 during the most recent rally, and it has since slightly declined, indicating that buyers are still active without causing the price to enter overbought conditions.

Consequently, this equilibrium implies that Thorchain’s price may experience additional upward movement if the current momentum is sustained.

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