THORChain Price Prediction as RUNE Pumps Up 46% – What's Going On?
The price of THORChain (RUNE) has risen to $1.35 today, representing an impressive 46% gain in the last seven days.
RUNE is also up by 30% in the past month and by 5% since the beginning of the year, although the coin has actually fallen by 54% in the last 12 months and by 93.5% since reaching an all-time high of $20.87 in May 2021.
However, with THORChain – a decentralized liquidity and trading protocol – witnessing increased usage over the past few weeks, it's highly likely that RUNE will enjoy further gains in the near future.
If there's one coin in the top 100 that's surging right now, its RUNE, which has seen its technical indicators explode in the past few days.
Its relative strength index (purple) peaked at nearly 90 yesterday, yet rather than crashing down to Earth as the coin becomes overbought, the indicator has remained above 70.
This signals some very strong and sustained buying momentum, which is also indicated by RUNE's 30-day moving average (yellow), which continues to rise steeply above its 200-day average (blue).
This indicates a decisive breakout to a new longer-term level for Rune, which has now risen so far beyond its previous support levels (green) that it's likely to consolidate around a higher base once the current rally has played out.
Yet it's possible that this rally may not subside for a few days or even weeks yet, given that it has happened as a result of the emergence of really positive growth data for THORChain as a decentralized exchange/liquidity protocol.
Pretty much every kind of metric available right now is showing growth for THORChain, with the cross-chain protocol seeing increases for its total value locked in, its volumes and the number of swaps it facilitates each day.
And what's
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