THORChain (RUNE) saw a huge price plunge during the early hours of Friday, marking an extended bearish trade. At press time, the coin was changing hands for $3.91, down 7.35% from the previous day.
RUNE price history
Since its launch in 2019, THORChain’s (RUNE) trajectory has tracked the main trends in the cryptocurrency market, peaking in May 2021, just before a decline.
RUNE has shown a tendency to purchase during price declines and sell during rallies, staying within a wide trading range of $3.5 to $4.9 for a number of days.
Looking at the token’s price history, the bulls have usually been able to push the coin’s price over $4.0. However, previous trends show sellers have constantly tried to bring the price back below $3.9.
THORChain price analysis: will the price rise in the future?
THORChain demonstrated resiliency in 2023, rising from low points and indicating a positive trend by recording an ROI of more than 300% this year. However, the coin has seen a lot of bearish resistance in 2024. At present, the coin is down over 5% this month.
Amidst heightened pessimism in the cryptocurrency realm, the RUNE token has experienced a reduction of almost 7% on the last day and 12.9% on the previous week. Additionally, the Year-to-Date (YTD) return of -3.22% for the THORChain token indicates a long-term bearish mood in the cryptocurrency industry, as it has lost 19.43% of its value in the last 30 days.
RUNE is likely to face a lot of resistance at the $3.9 level. Investors will also be on the lookout for this level in the near future. This level could signal that the upswing is reoccurring if the bulls break. After this breakout, the coin may try to rise to $4.6, where, again, bears are expected to put up a lot of resistance.
On the brighter side, THORchain‘s cross-chain functionality distinguishes the ecosystem. Its governance is akin to that of Bitcoin, with nodes deciding on its course. Liquidity providers and node operators can also use THORchain.
YTD gains for the coin suggest that the second half of the year can see the price regain momentum and hit the $4.9 level in the future.
