Over the past week, the market has exhibited a pattern of lateral movement, particularly noticeable in the top cryptocurrencies which have shown a downtrend in their pricing. Notably, THORChain has emerged as the standout performer, demonstrating significant strength by surging over 5% in value within the last day, and an impressive 34% increase over the course of the week.
RUNE Soars Over 270%: A Thrilling Journey Of Value Surge
Recently, the RUNE token on THORChain has seen a tremendous ascent. It started off on a fantastic trajectory, rising from a low of just under $0.80 on June 14 to a solid high of $2.90 today—a phenomenal 270% gain.
A reversal from a descending triangle, which gained significant traction around August 15, was the catalyst for this advance. Despite some ups and downs coming up to October 20th, the token managed to gain another 80%.
This surge in value stands as a testament to the robustness of THORChain’s RUNE token, buoyed not only by the impressive price momentum but also by an evident surge in trading volume. RUNE has advanced from its lowest level this year, making the token among the top-performing cryptocurrencies in the world.
RUNE market cap currently at $980 million. Chart: TradingView.com
THORChain: Impending Breakout And The $10 Target
This increased trading activity not only substantiates the upward trend but also underscores a burgeoning confidence among buyers, emphasizing a collective belief in driving the coin towards even greater heights.
Captain Faibik, a well-known analyst in the cryptocurrency space with an impressive following of almost 68,000 on the X platform, recently made an observation that caught our attention: there may be an impending breakout in the price of RUNE, indicating the possibility of substantial movement in the near future.
$RUNE is approaching Major Trendline and Horizontal Resistance.
If it Successfully Breaks out, we might Expect a Significant Bullish Rally in the Midterm.#Crypto #RUNE #RUNEUSDT pic.twitter.com/efZR6e0rcM
— Captain Faibik (@CryptoFaibik) October 31, 2023
Based on the analyst’s possible breakout scenario, a big bullish upswing could happen if the RUNE price breaks through its current horizontal support level. The possible rise in price of THORChain could push it toward a major milestone, with a goal of reaching $10 during the rush.
RUNE: Breaking Resistance And The $3 Billion Milestone
Breaking through this resistance level is a key turning point that could cause prices to rise by a huge amount, indicating a bullish trend that could push THORChain’s price close to a major threshold.
The achievement of $3 billion in on-chain trade volume on major decentralized exchanges (DEXs) is one noteworthy milestone that is contributing to the price increase, along with several other basic variables.
This significant growth raises questions about the rally’s sustainability. Could the price go through $3 and rise even farther, or is it already at its breaking point?
Congrats @THORChain
October is officially the first $3b on chain trading volume & it entered the top 5 DEX list
Streaming swaps was the catalyst needed for adoption
Here’s a few observations 🔽 pic.twitter.com/WGCOLNVLgD
— TCB (@THORmaximalist) October 30, 2023
Meanwhile, the network processed over $3 billion in on-chain transactions this month, setting new records. This holds significance due to the network’s substantial volume of $2.3 billion only in the third quarter.
During this period, it generated a total of $3.38 million in fees. This indicates that THORChain is experiencing an increasing level of popularity and adoption among its user base.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
