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- In the last 1 year, the THORChain price advanced by 170%.
- The RUNE token price was down by 81% at press time from its all-time high price.
For over 5 months, the THORChain (RUNE) price has been trading in a strong downtrend. However, the RUNE price has recently broken out above significant levels and has remained above the same.
Moreover, a strong resistance level was situated at a higher level. Let’s look at the key factors influencing the THORChain price prediction.
RUNE Price and Market Performance Overview
The RUNE price traded 51200% above its all-time low price of $0.007939, formed five years ago. Despite this, the token price was down by 80.0% from its all-time high price.
At press time, the RUNE crypto was the 50th largest cryptocurrency in the global crypto market. Its market cap was valued at $1.356B. Additionally, the token’s traded volume value advanced by 17.5%, showing a rise in the token’s demand.
THORChain price had huge liquidity as 9.65% of the token’s market cap was traded in the last 24 hours. The token’s supply inflation was also relatively low, -0.93%.
The token’s price was also highly volatile, resulting in 7.44%, and the token’s market cap dominance was 0.07%. This showed the token’s strong market presence in the global crypto market.
The THORChain token’s security score was very strong, resulting in 89.75. This led it to the AA tier. Also, the token’s global security ranking was #114, as per Certik Skynet. It represented the strength of the token’s protocol.
Let’s Dive Deep Into THORChain Token’s Derivatives
The RUNE crypto witnessed a surge of 13% in its derivatives volume in the previous 24 hours. This showed an advance in token demand. It resulted in a traded value of $96.94M, and the open interest advanced by 8.7%.
Recently, the token witnessed higher short liquidations, which showed buyers’ dominance in the RUNE price.
Moreover, shorts worth $94.81K were liquidated in the last 24 hours from the press time. Against this, a long liquidation of $64.96K was recorded, leading to a long/short ratio of 0.9331.
RUNE Price Needs One More Push To Become Strong
The THORChain price experienced a prolonged downtrend, resulting in a consistent decline over an extended period. However, between October 2023 and March 2024, the market witnessed a remarkable shift in momentum. It was accompanied by a price surge of more than 600%.
This significant rally propelled the RUNE crypto to a swing high of $11.46 on March 13, 2024. Despite this impressive rise, the price soon faced downward pressure, leading to a decline of 75% from its peak.
Amid this downturn, the price action formed a falling wedge pattern, which typically signals a potential reversal. Recently, RUNE broke out of this pattern, offering a glimmer of hope for recovery.
However, a key resistance level remains at $4.50, and breaking through this barrier could unlock further upside potential. For RUNE to continue its upward trajectory, surpassing this resistance will be crucial.
THORChain Price Breaks Above Significant EMAs, What’s More With Technicals?
The EMAs on the daily chart traded in a death cross. In contrast, the RUNE price broke out above the 20-day and 50-day EMAs. If the token’s price surges to higher levels, it might lead to a golden cross in EMAs.
RUNE/USD Chart by TradingView.com
The MACD and the signal line overlapped and traded in the negative trajectory. It indicated volatility in the RUNE price.
The RSI broke above the 50-level and traded at 55.5 above the 14-day SMA. This showed a rise in the token’s bullish momentum.
The support levels for the THORChain price are $1.50 and $2.70, followed by the resistance levels of $7.30 and $9.50.
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.
