The THORChain (RUNE) price has recorded a notable run since the year started, highlighting a positive outlook for this altcoin during the upcoming bull run. Further, the RUNE price has successfully achieved the $3 Billion market cap mark.
The RUNE token has added 72.12% within the past seven days and approximately 83% over the past 30 days. Moreover, its Year-to-Date (YTD) returns stand at 84.54%, indicating an increase in the investor’s interest in it.
THORChain Token Reclaims $10 Mark For The First Time Since April 2022!
The RUNE price traded in a closed range between $4.897 and $5.920 for approximately eighteen days, following which the bulls gained just enough momentum to break out of the resistance level where the token traded sideways with the support of the support level at $5.920.
After trading sideways for a while, the bulls lost momentum and recorded a correction of 21.42% over the next five days. After testing its low of $4.897, the bulls regained momentum and jumped over 56% within just two days, highlighting a strong bullish reversal in the crypto market.
Following this, the bulls faced rejection at the resistance level of $8.10, and the price displayed a neutral trend for a while. Recently, the bulls recorded another jump of approximately 39% within three days, after which the bulls faced rejection at $10.
Since then, the bulls have been displaying a sideways trend in the chart, indicating a cool-off in the price action.
The Relative Strength Index (RSI) continues to trade above the overbought range, indicating an increased bullish influence in the market. Moreover, the indicator displays a mixed sentiment as its averages show a high possibility of a bearish curve in the chart.
Will RUNE Price Go Up?
If the market pushes the price above the resistance level of $10, the bulls will regain momentum and prepare to test its upper resistance level of $11. If the bulls continue to dominate the market, the RUNE price will prepare to test its resistance level of $12 by the weekend.
Conversely, if the market fails to regain momentum, the price will start trading under a bearish influence and test its support level of $8.95. Further, if the bears continue to dominate the market, the THORChain price will prepare to test its low of $8.10 in the upcoming time.
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