In the past 24 hours, the native token of THORChain, RUNE, has experienced a significant surge of over 13%, reaching a price of $6.11. If this upward trend continues, it is possible that RUNE could reach $6.50.
While the global cryptocurrency market is currently facing a decline, THORChain’s liquidity protocol token, RUNE, has managed to defy the trend and register impressive gains. Starting from $5.35, the token has climbed to $6.11, making it one of the top gainers in the market.
Previously, RUNE had been relatively stable, trading within the range of $4.95 to $5.54 throughout the week. However, as volatility increased in the crypto market and popular altcoins experienced a downtrend, RUNE’s bulls regained strength and drove its price up by 21% over the course of the following seven days.
The question now is whether RUNE will continue its bullish rally. Although it faced a setback when it failed to break through the $7.23 resistance level, resulting in a 39% correction to $4.39, the token managed to stabilize for a while. However, with the increasing volatility, it faced difficulties in maintaining its position above the crucial support level of $4.85.
Currently, RUNE is trading between $4.87 and $5.76, on the verge of testing its resistance level. At the time of writing, THORChain’s price stands at $5.93, with a market capitalization of $1.98 billion. Furthermore, the daily trading volume of RUNE has soared by over 74% to $593 million.
If THORChain’s bullish rally continues, it is likely that RUNE will reach the resistance level of $6.50. A successful breakthrough above $6.55 could open the door for further gains, with a potential target of $6.81, and possibly even reaching $7.34.
On the contrary, if the bearish trend reverses, RUNE may lose its momentum and descend towards its crucial support level of $4.24 in the near future.