THORChain (RUNE) Price Surges 13% Breaking $8.6 Critical Barrier

  • RUNE’s short-term price dynamics are less predictable.
  • A bullish run to $10 is possible for RUNE in the days and weeks to follow.

THORChain is still one of the most widely used and well-recognized means of distributing funds. Long-term, the need for its services may rise because of several factors: a rising supply of crypto assets, a growing demand to access liquidity, and a permissionless system given by the platform. On the other hand, RUNE’s short-term price dynamics are less predictable. Macroeconomic circumstances throughout the globe and investors’ expectations are two of the most important factors influencing the volatility of the price.

A bullish run to $10 is possible for RUNE in the days and weeks to follow if it continues the momentum. In early March, the $5 barrier was breached, and that movement north sparked a short-term surge. As a result of RUNE bulls’ ability to drive the price higher and over $6.5, the market structure was optimistic. So taking advantage of a dip in the market might be a good idea.

RUNE/USDT: Source: TradingView

Aiming For the $10 Mark

As of mid-December, the daily candle tried to break over $8.6 but fell short and witnessed a significant downward trend throughout the next month, ending at $3.5 at the bottom. Finally, however, it just passed the $8.6 level and seemed to be aiming for the $10 mark.

Following recent increases, the RSI quickly moved into overbought territory. Overbought conditions alone are not enough to warrant an immediate decline, but a bearish order block around $8 and a 38.6 percent Fibonacci reversal provided some weight to the theory. According to CoinMarketCap, the THORChain price today is $8.91 USD with a 24-hour trading volume of $547,914,578 USD. THORChain has been up 12.12% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.