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Thorchain (RUNE) Breaks $7 Barrier as Analysts Predict 125% Upside

Arslan Butt•Tuesday, December 17, 2024•1 min read

This rally follows a strong bounce from an intra-day low of $6.16, where buyers reversed negative momentum.

Trading volume jumped 142% to $583 million, signaling heightened market activity, while RUNE’s market capitalization climbed to $2.39 billion, a 12% increase.

Breaking the $6.50 resistance was pivotal, as RUNE formed an ascending triangle breakout on the 4-hour chart. This technical pattern often signals further upside potential. Analysts now forecast RUNE could climb to $15.75, representing a 125% rally, should current momentum hold.

RUNE’s technical indicators highlight

Key Indicators Confirm Bullish Momentum

a growing bullish trend:

  • MACD: The MACD line has crossed above the signal line, a clear upward signal. The histogram turning green further confirms buyer strength.

  • RSI: Currently at 62.03, RUNE sits firmly in bullish territory without being overbought, leaving room for further upside.

  • Open Interest: Futures open interest rose 16.19% to $114.97 million, indicating strong investor confidence in RUNE’s price trajectory.

Combined, these metrics point to sustained buying interest and renewed market optimism.

Analysts Predict $15.75 Target for RUNE

Cryptocurrency analyst Javon Marks believes RUNE’s strong fundamentals and technical breakout pave the way for a rally to $15.75, marking a 125% upside. The balance between technical strength and rising market participation suggests bulls remain in control.

Rune Price Chart - Source: Tradingview
Rune Price Chart – Source: Tradingview

Key factors driving Thorchain’s surge:

  • A confirmed breakout above the $6.50 resistance level.

  • Increased trading volume and rising open interest.

  • Strong momentum reflected in MACD and RSI indicators.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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