- ThorChain RUNE has broken its long-term resistance and is now targeting further significant price levels.
- The token surged over 71% recently and could rise more as trading activity strengthens in the crypto market.
- Key price projections suggest a move toward $9 soon and a potential long-term rally back to $21 levels.
ThorChain’s RUNE has surged past a major resistance level, signaling a potential upward trend in the cryptocurrency market. The token rose 11% on December 3, 2024, reaching $6.732 after trading between $5.577 and $6.886 throughout the day. This breakout from a long-standing downward channel suggests that bullish momentum could continue gaining strength as traders react to the movement.
This breakout follows nearly three years of price pressure, where RUNE remained confined within a descending channel. The move above resistance coincided with higher trading volume, which indicates growing interest from investors. As a result, market participants are focusing on potential price targets that could confirm the rally and solidify a new trend.
Price Projections Point to Upside
RUNE has already seen a 71.94% gain from its base price of $2.915, with analysts projecting further upward potential. The next key price level is expected to fall between $8.50 and $9.00, marking the nearest resistance zone. Additionally, the long-term target for RUNE is set at $21.662, which represents a massive 237.61% increase from the breakout level.
These projections align with historical price movements and Fibonacci extension levels, which provide a strong technical foundation for the rally. Breaking above $21 would also bring RUNE back to its all-time high, which was last seen during 2021. While this price level remains distant, the current rally shows that momentum could carry the token higher over time.
However, traders are keeping a close watch on a possible retest of the breakout zone near $5.50 to $6.00. This area is expected to serve as a support level, though any failure to hold could prompt caution among investors.
ThorChain’s Ecosystem and Future Outlook
This breakout could also signal growing confidence in ThorChain’s ecosystem, which plays a critical role in decentralized finance. The token’s rise above resistance may attract additional capital to the network as investors recognize its potential. Moreover, it represents a shift in sentiment after prolonged bearish conditions that dominated for much of the past three years.
Many traders see this as a turning point for RUNE and are closely watching for sustained upward movement. However, maintaining momentum depends on market conditions, trading volume, and investor sentiment, which remain key factors in the coming weeks.
The post ThorChain RUNE Jumps 71%, Targets 237% Growth After Breaking Long Resistance appeared first on Crypto News Land.
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