RUNE crypto: A Potential 50% Upswing Awaits Beyond This levelRUNE crypto: A Potential 50% Upswing Awaits Beyond This level
RUNE crypto has completed the retest followed by a breakout of an upper trendline resistance.
A positive divergence between the THORChain (RUNE) price and RSI was observed suggesting a trend continuation.
THORChain (RUNE) cryptocurrency experienced a resurgence, after bottoming out from the lows near the 200-day Exponential Moving Average (EMA). The broader market sentiment has improved, restoring confidence among investors, which propelled the cryptocurrency to approach the $7.8 mark swiftly.
Additionally, the asset has begun to chart higher peaks, bolstered by an increase in trading volume. Yet, resistance remains robust around the $7.8 threshold.
Let's analyze whether the bulls are strong enough to breach the $7.8 barrier, or if the bearish pressure will prevail, potentially reversing the recent gains and initiating a corrective phase in the short-term trend.
RUNE Crypto: Volume And Volatility Analysis
Recent trading sessions have seen a significant increase in volume inflow for RUNE crypto, indicating strong buying interest that's driving the price upward. The intraday volume reached $197.11 million, marking an 18% increase from previous sessions. The volume-to-market cap ratio stands at 9.28%, pointing to moderate market volatility.
Currently, there are 334.57 million RUNE tokens in circulation, which is 81% of the total supply of 412.75 million tokens.
Additionally, the Total Value Locked (TVL) in RUNE Crypto has been on an upward trend since February 2024. This growth in TVL signifies a shift in market engagement, a rising demand for the RUNE project, and a growing propensity among investors to maintain their investments.
Is It A Good Time to Invest In THORChain (RUNE)?
From a technical point of view, the RUNE crypto has completed the retest followed by a breakout of an upper trendline resistance, signaling an end to the corrective trend.
Yet, the challenge remains for the bulls to overcome the $7.8 resistance level, which is the current supply zone. If they manage to sustain above this level, the crypto could potentially experience a short-term surge, possibly increasing by 50% to reach annual highs.
Conversely, should the bulls be unable to break past this recent peak and the bears regain control, we might see the price enter a phase of consolidation or undergo another correction.
Furthermore, the positioning of both the RSI and SMA lines above their respective mean lines indicates a bullish sentiment. The observed positive divergence between the RSI and the price further hints at an impending bullish trend.
Conclusion.
THORChain (RUNE) is rising towards $7.8 amid the improved market sentiment. Trading volume is up, suggesting bullish interest. With 334.57 million tokens in circulation, TVL's rise reflects increased market participation and investor commitment.
From a technical perspective, RUNE has breached trendline resistance, aiming to surpass the $7.8 resistance. A successful break could lead to a 50% gain, reaching annual highs. However, failure to maintain this momentum could result in consolidation or correction. Positive RSI and SMA indicators support a bullish outlook.
