THORChain (RUNE) stands apart with its distinctive cross-chain liquidity system, and in the current week, it has captured considerable attention for a compelling reason.
Coingecko reports the current price of THORChain at $1.74, reflecting an impressive 33% surge over the span of the last seven days.
Even more notably, within the past 24 hours alone, the price has surged by 10.2%.
This notable uptick in value can be traced back to a concurrent increase in social discussions revolving around THORChain.
According to insights from Coincodex, there has been a remarkable surge of over 4,300% in social conversations focused on THORChain during the period spanning from August 7 to 13.
This increased online engagement certainly plays a role in the rise of RUNE’s value. It’s worth noting that the price of RUNE has been steadily increasing since mid-June.
THORChain’s RUNE Token Continues to Impress with Strong Rally
The excitement surrounding RUNE’s price action is due to the introduction of streaming swaps, which offer swappers a more favorable price through sub-swaps.
THORChain has expanded to networks like Cosmos and Avalanche, serving a broader purpose and boosting investor confidence.
This quest for expansion has now ventured into the realm of decentralized finance (DeFi). The network has recently unveiled that RUNE perps are now available on the Hyperliquid DEX.
The integration of streaming swaps imparts THORChain with a distinctive edge, empowering it to address the call for more economically efficient swaps in a highly competitive environment.
This feature has the potential to kindle increased demand for both THORswap and the RUNE token, as the evolving market dynamics continue to unfold. As a result, RUNE has solidified its stance as one to closely monitor.
In a landscape of diverse cryptocurrencies, THORChain’s unique liquidity system and its recent price upswing have attracted attention.
The surge in the value of RUNE can be attributed to the fundamental driving force embodied by THORChain’s exceptional performance.
For the past weekend, THORChain achieved its highest swap volume ever, reaching an impressive $92 million in a single day.
This accomplishment was further complemented by the platform’s third consecutive day of recording all-time high transaction volumes.
These remarkable achievements underscore THORChain’s growing prominence and underline its pivotal role in boosting the value of the RUNE token.
RUNE Price Prediction
Examining the technical facets of RUNE, recent developments in its price trajectory have been noteworthy.
While it embarked on an ascent to around $1.75, it encountered resistance and experienced a subsequent drop, failing to breach the higher threshold.
Presently, the token finds a semblance of support at the $1.75 level, with resistance becoming apparent at approximately $2.
In assessing key technical indicators such as the oscillator indicator, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicator, a consistent trend emerges – all indicators are situated within the buying zone.
This collective stance underscores a resilient bullish sentiment.
Furthermore, reinforcing the bullish sentiment, the 50-day Exponential Moving Average (EMA) substantiates the support at around $1.30 on the daily time frame, thereby amplifying the bullish impetus in the market.
In the event of a breach below the $1.75 support level, the immediate support at $1.60 comes into focus.
A more substantial drop could bring about a downward trajectory toward $1.40. Conversely, in the scenario of a successful breach beyond $1.95, an upward momentum toward the $2.10 level becomes a plausible target.
In summary, the pivotal juncture for observation resides at the $1.75 level. Given the present conditions, the continuation of a bullish trend is plausible.
Conversely, should this level be breached, the outlook may shift towards bearish tendencies in the market.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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