Much Higher Levels Pending in RUNE Crypto, What Highs to Expect?

• The RUNE crypto price is trading above a crucial trendline.
• THORChain has witnessed a surge in its trading volume over the last 24 hours.

THORChain is a decentralized liquidity network that enables cross-chain cryptocurrency swaps without intermediaries. Users can trade assets and participate in liquidity pools, earning rewards. 

Its native token, RUNE, is essential for exchange, network security, governance, and liquidity rewards, fostering a new era of decentralized trading and liquidity provision.

Over the last 24 hours from press time, the trading volume for the crypto has advanced by 61%, resulting in a traded value of $362.164M. 

Despite the surge in trading volume, the trading price of THORChain has declined by 3.7%, and the market cap ranking of the crypto is #54, as per CoinMarketCap. Also, the liquidity of the crypto is excellent, as its volume/market cap ratio is 17.4%.

Also, the Total Value Locked for the crypto is worth $353.27M, and as per Defillama, 29.8% of the market cap of the THORChain is staked, followed by an annualized revenue of $32.02M.

THORChain Crypto Derivatives Data Overview

The liquidation chart of the crypto shows that buyers and sellers are struggling to win over the trend of the ThorChain crypto.

The open interest for the crypto has witnessed a slight advance of 0.67% over the last 24 hours, while the derivatives trading volume of the crypto has witnessed a surge of 51%.

Also, the reported long liquidation for the crypto is $289.73K against the short liquidation of $17.47K. This shows sellers’ dominance in crypto over the last 24 hours. 

RUNE Crypto Technical Analysis

The price of the RUNE crypto declined from a crucial level and consistently faced resistance at a crucial dynamic trendline for more than two years.

Following the most recent price action, the crypto price broke out above the dynamic trendline a few weeks ago. As the crypto price has been in the accumulation phase for a long time, a strong surge to higher levels in the crypto price is expected.

RUNE/USD Chart by TradingView.com

The price of RUNE has surged above both the 50-day and 200-day EMAs, indicating a significant bullish trend on the daily chart. This movement is reinforced by the EMAs currently exhibiting a golden cross, further confirming this uptrend’s strength.

Additionally, the MACD and the signal line are in a bullish cross, advancing firmly into a positive trajectory. It is supported by the formation of bullish histograms on the daily chart, reinforcing the ongoing positive momentum.

The RSI also underscores the strength of RUNE’s price movement. It has broken above the 14-day SMA and continues to advance from previously oversold zones, signaling consistent upward momentum.

Summary

RUNE crypto is showing strong bullish momentum, trading above a crucial trendline and the 50-day and 200-day EMAs, forming a golden cross. 

With rising trading volume, bullish MACD and RSI indicators, and a recent breakout above long-term resistance, significant price gains are anticipated. The support levels for the RUNE crypto are $1.0 and $3.80, followed by the resistance levels of $13.230 and $19.50.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.