THORChain (RUNE)

THORChain (RUNE) is signaling a potential breakout, suggesting that a notable upward movement might be on the horizon. After recently hitting a low of $3.11, RUNE has demonstrated a remarkable resurgence, climbing nearly 28% over the past week.

Currently, THORChain is trading at $4.68, with a 24-hour trading volume of $226.70 million. Its market capitalization stands at $1.57 billion, representing a market dominance of 0.06%. Over the last 24 hours, RUNE’s price has experienced a 5.57% increase.

The cryptocurrency market is experiencing a surge in optimism, driven by Bitcoin (BTC) surpassing $67,000. This uplift is boosting the recovery of altcoins like RUNE. Additionally, the anticipated launch of Ethereum ETFs on July 23rd is expected to further energize the market, echoing the positive impact that Bitcoin ETFs had in the past by fueling a bullish trend and pushing altcoins to new highs.

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

Analyst Eyes RUNE $8 Short-Term, $54 Long-Term Targets

A prominent crypto analyst, Alex Clay, has recently expressed a highly optimistic outlook for THORChain (RUNE), identifying potential price targets that suggest significant growth in the near and distant future. According to the analyst, the RUNE/USDT trading pair displays an exceptionally bullish structure, characterized by a re-accumulation phase marked by a bullish pennant formation.

This pattern is emerging above a strong support zone, which is reinforced by a major trendline and key support/resistance levels, indicating a consolidation period likely to precede a substantial upward movement.

In the short term, the analyst anticipates RUNE reaching a price target of $8.60. This immediate goal reflects growth expectations as the market responds to the current patterns and support levels. The mid-term outlook is equally promising, with potential targets set at $13.50 and $16.90. These projections suggest that the token could continue to appreciate as it progresses through various market cycles.

From the long-term perspective, the analyst’s forecast becomes even more ambitious, predicting that RUNE could reach levels of $34.10 and $54.70. Such projections imply a strong belief in the token’s potential for significant appreciation, assuming continued positive market conditions and sustained strength in the bullish trends observed.

The analysis is hinting at a probably highly transformative trajectory that RUNE is about to follow, realizing significant gains across different time frames. This calls upon investors and traders, then, to Commerce these Targets closely as that in the current technical Setup may translate to massive price movements in the upcoming months.

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THORChain (RUNE) is showing strong signs of an imminent breakout, setting the stage for a significant upward climb. After hitting a recent low of $3.11, RUNE has rebounded sharply, rising nearly 16% over the past week.

As of the latest data, THORChain is trading at $4.22 with a 24-hour trading volume of $207 million. Its market cap stands at $1.41 billion, giving it a market dominance of 0.06%. The price of RUNE has increased by 2.27% in the last 24 hours alone.

This positive momentum is largely driven by the broader bullish phase in the cryptocurrency market, with Bitcoin (BTC) surpassing the crucial $65,000 level. This surge has injected a wave of optimism into the market, aiding the recovery of various altcoins, including RUNE, from their recent declines.

Adding to the bullish sentiment is the upcoming launch of Ethereum ETFs, scheduled for July 23rd. This significant development is expected to bring a highly bullish wave to the market. Historical trends show that the introduction of Bitcoin ETFs had a positive impact, propelling the market into a bullish phase and driving several altcoins to new all-time highs.

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

RUNE Targets $7.40 with Potential Breakout to $20

In a recent analysis that has caught the attention of the cryptocurrency community, renowned crypto analyst Jonathan Carter shared his optimistic outlook on the price trajectory of THORChain (RUNE). THORChain is looking great on the weekly chart, with critical levels that traders should watch closely.

RUNE is poised to make significant gains if it can successfully bounce off the descending resistance line that has been acting as a barrier. If RUNE can bounce from the descending resistance, the next target is $7.40. This would represent a notable recovery and a clear bullish signal for traders.

The potential for RUNE extends even further. A higher breakout could lead to a move toward $20, indicating a much more significant upside if THORChain can overcome current resistances and gather upward momentum.

With continued market recovery and the Ethereum ETF launch, there’s every reason to believe THORChain takes full advantage of these positive factors, thereby providing a setting that can easily translate into a huge upside.

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THORChain’s native token, RUNE, stands out as a beacon of stability and resilience despite the cryptocurrency market sell-off. While other digital assets, including Bitcoin (BTC), grapple with downward pressure, RUNE remains steadfast in its position, exhibiting remarkable resistance to the prevailing market sentiments.

In fact, RUNE is doing more­ than just holding its ground. Its value has increased significantly in the past we­ek, nearly rising by 20%. This shows that it has robust growth prospects amidst the tumultuous market conditions.

Currently, RUNE is trading at $5.94 with a­ impressive 24-hour trading volume of $733.42 million, showing that many investors are intere­sted and actively trading this asset. With a marke­t value of $1.99 billion, THORChain proves itself as a major playe­r in the crypto world.

Furthermore, the recent 4.80% increase in the price of RUNE within the last 24 hours further underscores its resilience and attractiveness to investors. This upward movement not only defies the broader market trend but also reaffirms the unique strength and potential of THORChain’s ecosystem.

Analyst Predicts Bullish Wave for RUNE Towards $12

Renowned crypto analyst World Of Charts expressed optimism regarding the price trajectory of $RUNE. Highlighting the potential for a bullish wave, they pointed out the significance of breaking the trendline successfully. 

In the event of a successful breach, the analyst anticipates the formation of a new higher high in the coming days, paving the way for a bullish surge towards the $12 mark. This bullish outlook suggests confidence in the upward movement of RUNE’s price and underscores the potential for significant gains shortly.

Furthermore, the crypto e­xpert Crypto Tony’s analysis emphasizes the­ key level of $4.30 within the­ $RUNE / $USD pair. This level is crucial in deciding the­ overall market fee­ling. According to Crypto Tony, keeping above this price­ level is crucial for continuing the­ bullish trend.

In other words, this $4.30 le­vel acts as a test for the stre­ngth of the bullish control over the asse­t in the current market phase­. This signals to traders and investors that the upward move­ment will continue and the­ market conditions are good for further price­ increases.

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